Peru: Person-to-person transfers as a use case to increase Bim’s customer base and transactions
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Peru: Person-to-person transfers as a use case to increase Bim’s customer base and transactions
- 2. KEY ACTIVITIES 2 • Interviewed 19 representatives from 9 financial institutions supporting Bim • Conducted 6 working sessions with Pagos Digitales Peruanos (PDP) and Better Than Cash Alliance working team, as well as external digital finance experts • Field visit with end‐ users in San Juan de Lurigancho, Lima’s most populous district • Facilitated workshop with PDP Operating Committee on September 21st • 3 P2P interventions were selected by the committee (of 6 proposed) • Strategic partner identified for 2 of the 3 pilots • Developed an implementation plan and conducted a cost‐ benefit analysis for each intervention • Prepared final presentation to PDP leadership November 3rd • Final report currently undergoing approval process EVALUATE Current Situation SELECT Interventions DESIGN Implementation DEVELOP Final Report
- 3. 3 Bim’s revolutionary model achieved major milestones early, amid a promising yet difficult environment PROGRESS TO DATE Challenging circumstances... …were overcome by PDP • Gained buy‐in from top banking executives, resulting in joint investments and a commitment to an unprecedented “cooperation” model in the world • Achieved interoperability across banks in a highly competitive environment • Created partnerships and interoperability with the 3 major telecom networks • Secured access to Banco de la Nación’s ATM and agent network, vastly expanding reach to underserved populations • Expanded infrastructure and ecosystem to create more access points for users • Peru’s fragmented and competitive mobile and banking sectors made it difficult for a national mobile‐banking strategy to take hold • Previous attempts by banks to launch individual digital wallets had limited success, and few targeted the un‐ or under‐banked • Upon the launch of Modelo Peru and PDP, there was not an extensive or trusted CI/CO network available to users
- 8. 8 Source: Encuesta Nacional de Hogares del INEI IDENTIFY AN ATTRACTIVE MARKET Evaluating the P2P market in Peru INTERNAL REMITTANCES MARKET REMITTANCE FLOWS • Internal remittances have grown 16% since 2009 to an estimated BILLION USD (S/ 3,500 M) in 2013 • 30% of homes receive internal remittances, a vast majority receive them regularly • That being said, ONLY of Peruvians have sent or received money through the formal financial system • Additionally, OF REMITTANCES RECIPIENTS ARE WOMEN — 61% of which are 45 years of age or older • 87% OF REMITTANCES FLOW FROM INSIDE THE COUNTRY • Remittances flow toward departments experiencing emigration (where families of migrants remain) • Departments with highest migrant flows and, therefore, greatest remittance potential include: Apurímac, Amazonas, Cajamarca, y Puno • Average remittances: US (S/ 149) IN URBAN AREAS and US (S/ 45) IN RURAL AREAS
- 9. 9 Internal peer‐to‐peer transfers represent an attractive market – This can be achieved without cannibalizing the existing transfer market; rather, it focuses on transfer transactions realized outside the formal financial services sector. – The existing fragmentation and informality of this market provides an opening for PDP. To capitalize on this opportunity, PDP must develop a disciplined business strategy – Given the strongly developed perceptions and habits of the target population, PDP should focus on individual customer segments, identify their pain points and financial needs, and develop a go‐to‐market plan specifically addressing those needs. After careful evaluation of various customer segments, the following six were presented as high‐potential segments DEFINE TARGET CUSTOMER SEGMENTS Highly Attractive Quick Hits Possibly Attractive Low Priority Feasibility Private Bank Value Added Private Bank Young Professional G2P Recipients Banked Population paying for services (e.g.. House staff) Merchants University Students Victims of Natural Disasters PRIVATE BANK PERSPECTIVE Value Added User Highly Attractive Banked Population paying for services (e.g. House staff) Merchants Victims of Natural Disasters Possibly Attractive Low Priority Feasibility PDP Young Professional G2P Recipients Quick Hits University Students PDP PERSEPCTIVE
- 10. 10 To unleash the potential of P2P transfers, three pilots with specific segments and unique financial inclusion drivers were defined UNDERSTAND CUSTOMER NEEDS PILOT RATIONALE POTENTIAL IMPACT UNIVERSITY STUDENT RURAL FARMER MERCHANT • Students receiving a government scholarship • Recurring digital disbursement can serve as a catalyst for P2P • Farmer experiencing weather‐ induced crop loss • Digital disbursement of insurance creates easy access to funds available for transfers • Small and medium enterprises densely concentrated in a Lima emporium • Transact informally, mostly through cash • Young, digital, and more likely to be early adopters • Can become profitable clients for banks upon graduation and employment • Many come from poor, rural families, providing a critical urban‐rural link • Have pressing need to send/receive money to/from home • Vulnerable population, mostly outside the financial system, with pressing financial needs • Direct alignment with key government initiatives and, therefore, increased pilot viability • High users of national remittances, with as many as 30% receiving remittances regularly (mostly through informal channels) • Geographic concentration of merchants, facilitating outreach, education, and creation of “mini‐ecosystem” • Central point of value chain, interacting frequently with clients and providers • Can serve as catalyst for further mobile transactions including P2B, B2B, and B2G • Initial phase could add more than 6,000 monthly transactions • This would amount to over US $46,000 moving through Bim • Initial phase could add more than 3,000 monthly transactions • This would amount to over US $24,000 moving through Bim • Initial phase could add more than 10,000 monthly transactions • This would amount to over US $160,000 moving through Bim
- 11. 11 The team defined a detailed roadmap to follow which would enable PDP to develop and iterate upon the appropriate solutions and go‐to‐market strategy DEFINE SOLUTION Segment identification; preliminary cost‐benefit analysis Detailed customer segment research Establish agent network and incentive mechanism Iterate / adjust pilot based on learnings and metrics Active contact and feedback from target usersActive contact and feedback from target users Identify risks and barriers Identify risks and barriers Establish working teamEstablish working team Establish key partnerships Communication and awareness efforts targeting segment Week 1 Weeks 2‐4 Weeks 3‐6 Weeks 7‐19 Months 1‐2 Months 3‐4 Develop strategy Design a user / agent experience Develop and implement the pilots Scale pilot and launch communication strategy Monitoring and evaluation Implement pilot
- 12. 12 In order to capitalize on the momentum, PDP should line up critical partnerships quickly and mobilize on the selected pilots NEXT STEPS CONFIRM COMMITMENT OF human and financial resources from partners November ‐ December DESIGN : Beca 18 January – February March ‐ April Implementation: Beca 18 DESIGN : Gamarra Implementation : Gamarra DESIGN: Seguro Agrario Implementation Key Milestones CONDUCT SITE VISITS, INTERVIEWS, AND WORKSHOPS with target users ADJUST STRATEGY/MESSAGING and develop communication plan ESTABLISH NETWORK of access points for pilot users ESTABLISH CRITICAL PARTHERNSHIPS with third‐ parties (e.g. PRONABEC, La Positiva, etc.) May ‐
- 13. @ B E T T E R T H A N _ C A S H / B E T T E R T H A N C A S H A L L I A N C E / B E T T E R – T H A N – C A S H – A L L I A N C E