By Merrick Theobald, firstname.lastname@example.org
In a sluggish economy, what retail chain doesn’t want fresh, new revenue streams and increased cash flow? For many, the path to new revenue lies in expanding their stores’ sales offerings at customer service counters. Cash-based services, such as lottery ticket sales, have proven especially popular with customers and retail chains alike. Customers appreciate the convenience of purchasing tickets during routine shopping trips, and retailers benefit from high margins in simple, largely cash-based transactions.
To extend that same kind of cash-based convenience to additional services at the customer counter, retail chains who don’t already offer international payment services should seriously consider doing so. Sounds daunting? It’s not. Many cross-border payment solutions are really just another form of merchandise, while adding others is a simple matter of entering a distribution partnership. And there are five very good reasons for making the move to international payment services immediately.
Reason #1: Tapping into an enormous market
According to official data from The World Bank, more than 215 million people living today have emigrated from their homelands, driven primarily by the quest for higher-paying work in more developed countries. These emigrants, who are overwhelmingly wage earners with responsibilities for family members back home, transferred more than $325 billion to their home countries in 2010. Bear in mind that this entire $325 billion represents transactions initiated by individuals, making it an extremely sizable consumer market.
Reason #2: Rapid growth of international payment services market
According to additional World Bank data, the $325 billion that emigrants transferred to family back home in 2010 represents a 6% increase over 2009. While 2011 totals are not yet available, World Bank expects them to have reached $351 billion, for another 8% increase, and forecasts similar, continuing increases for the foreseeable future. Very few market offerings available to retailers are seeing such dramatic growth, which is fueled by ongoing growth in emigration as well