Mobile Money Transfer '08 Conference: How To Benefit From MMT Growth

Sea shells, dolphin teeth, precious metals, plastic cards & paper cash: Money comes in all shapes and sizes. In today's world money is digital and can be just a batch of digital units consisting of ones and zeros. These digital accounts can be instantly transmitted worldwide and within moments move a billion Euro. Speed and convenience are the driving forces of money in the twenty first century.

When the latest personal technology is teamed with today's electronic banking our old leather wallets and purses are quickly replaced with tiny hand held mobile banks. Cell phones can now receive money, send funds and even pay for items while shopping online. Do you owe your friend money from dinner out last night? Pick up your cell phone and pay them instantly.

That pocket filled with crumpled old dead presidents now seems so 50's retro.

Global gains in technology have taken us from sea shells to cell phones. Just a few years ago, paper checks were used to buy groceries and we all finally got used to waiting at the checkout counter. However, today simply waving your cell phone will quickly and securely pay for your goods. No fuss, no waiting and no worries.

What exactly is "Mobile Money" or "M-commerce"? Wikipedia has something like this to say:"Mobile Commerce is the ability to conduct commerce, using a mobile device e.g. a mobile phone, cell phone, PDA, a smartphone while on the move."For those academics in the crowd the brainy definition reads:"Mobile Commerce is any transaction, involving the transfer of ownership or rights to use goods and services, which is initiated and/or completed by using mobile access to computer-mediated networks with the help of an electronic device."I suppose these written explanations are pretty exciting if you are sitting at home reading the 'gadgets' section of your local paper, but as a small business operator you may want to find out exactly how Mobile Money Transfer can impact your business and your bottom line. Isn't it about time to expand your sales using this brilliant new technology?

This year mobile money transfer is a hot topic in the mobile payments world. Pilot programs and commercial launches are being announced seemingly on a daily basis. Isn't it time to learn how MMT can help you to enhance and expand your business?

This November 10th and 11th at the beautiful Crowne Plaza, in Dubai , the world will experience the first independent MMT conference and expo. You are invited to attend the "MMT08" (Mobile Money Transfer '08) event.

Already scheduled to attend and speak are hundreds of MMT innovators. The cellular world has made some huge advancements in just the past few years and the mobile network operator (MNO) which is the cellular telephone company that provides services for mobile phone subscribers, can now securely link to one or more banks. This new mobile banking environment is caused the emergence of a massive new MMT ecosystem.

Assuming that mobile technology and business will continue to advance in this direction....building one of these robust networks known as "hubs", which are complaint but still convenient, is no small task. Here is what some of the experts attending this year's conference had to say about the growth of global hubs."MMT hubs bring the economies of scale and foreign exchange savings provided by an aggregated model. This will help reduce consumer pricing," explained Anna Kuriakose, VP, Futures and Innovation for Monitise.

"Our main focus is to create a global hub for interoperability for all mobile commerce transactions," added Allan Chan, EVP Mobility Services, TATA Communications. We provide a robust, telco-grade infrastructure with the security necessary to ´harden´ the information flow for MMT whilst providing connectivity between the MNOs."

"We have unrivalled expertise in complying with the laws and regulations for each of more than 200 countries and territories in which we do business," explained Matt Dill, VP of Digital Ventures at Western Union. "We are committed to compliance, and spent USD40m and dedicated more than 300 staff members globally in 2007 to ensure that each of the more than one million transactions we send each day complies with laws and regulations."These new gateway solutions for International Mobile Money Transfer have already partnered up banks, MNOs and prepaid card issuers. These hubs offer seamless integration for your existing business.

How can this help your company? By attending the conference, you will get a chance not only to hear each of these experts speak, but on location in Dubai, you will get a chance to personally meet them and their associates.

Anna Kuriakose, VP of Futures and Innovation for Monitise who is speaking at the event offers this invitation for companies planning a mobile money launch. She stresses it is easier to work with a mobile money hub rather than spend the time and effort on individual contracts, "For a mobile operator to develop a truly global solution, they would have to go out and sign hundreds of agreements. Some companies do offer cross-border transactions, but the send and receive corridors are limited due to the fact that they have to sign individual agreements. With Western Union, once a mobile operator signs an agreement with us, they can take their ´local´ service global," suggests Dill. She further added, "remittance hubs offer the ability to serve multiple remittance corridors. If MMT programme leaders were to create direct partnerships in as many remittance corridors, it would be less economical than working with hubs."

Monitise provides a comprehensive mobile money road map which includes money transfers, payments and mCommerce – thus creating a comprehensive suite of mobile money services. "MoniHomeTM, Monitise´s gateway solution for International Mobile Money Transfer, provides banks, MNOs and prepaid card issuers with an effortless integration to money transfer hubs," added Kuriakose.

These networks have been developed by organizations with trusted brands, tried & tested infrastructures and are staffed by experts in money transfer and compliance. Attending this year's conference can help your business find the right products, compliance program and the top industry people who can help integrate your company into the m-commerce world.

Attending this even should help your organization evaluate whether future growth can be fueled by your current knowledge and capabilities or whether your in house program is scalable as your suite of mobile money services expands. Want to learn more or attend the expo? The conference is quickly approaching in November. Here is their web site where you can see the long list of speakers and topics which will be discussed in Dubai.

For new participants needing additional insight on mobile money transfer, the event offers Pre-conference workshops Sunday the 9th of November before the main event. These are essential for those new parties who are new to MMT. Each half day workshop brings you ´up to speed´ on how the money transfer business works, the current state of mobile money, where it is already working, and where the short and long term opportunities are for your industry. Also explained is the value chain and ecosystem for MMT – who does what and who you need to partner with in order to successfully launch your own MMT service.

At the MMT 08 Expo on November 10th and 11th, leading vendors will demonstrate their solutions and attendees will hear how to make sure a mobile wallet is part of their successful MMT program. There are dozens of mobile money professionals speaking at the event and the technology providers present will include Affinity Global Services, atom Technologies, Macalla, mChek, Mi-Pay, MoneyBox Africa, mTranZact, Paybox, Rechargeplus, SEMOPS UAE and Utiba.

DGCmagazine