Future of digital money

By putting the customer first, start-ups are able to build a product that aligns with their needs, and thus achieve greater take-up. Illustrations: Eirian Chapman.

3 / 7

Previous Next

Smartphone banking start-ups take off

Advanced nations can learn a lot from the developing world about how technology can better serve the needs of specific market segments.

Major banks and insurers traditionally do not tailor their products to align with the way developing markets work, and see limited success as a result.

By contrast, a number of well-funded, customer-focused start-ups such as Rocket Remit are developing unique solutions.

Rocket Remit offers international money transfers from Australia to emerging markets using mobile money – all that’s needed is a mobile phone number.

Rocket Remit’s founder Harold Dimpel said there is a huge appetite in developing nations for small smartphone person-to-person payments.

This is because there are an estimated 2.5 billion people who are “unbanked”.

Learn more about the future of digital money at CPA Congress 2019