News in brief: payments systems, money transfers, FSB

News in brief
News in brief

Consumers unhappy with global mobile payments systems

A large majority of people (82%) using services currently offered to transfer money internationallysuch as money transfer operators (MTOs) and banks are dissatisfied, according to a survey by software and IT services provider Amdocs.

In addition, 83% of respondents in developed countries [en dash, not hyphen] the United States, United Kingdom and Germany - are willing to send money internationally using mobile money, provided they are offered a service that is more secure, convenient, faster, and competitively priced.

Speaking about the report, Xendpay CEO and founder Rajesh Agrawal said: “As mobile payments continue to gain popularity, instant mobile-to-mobile transfers will become the standard for individuals sending money across borders, replacing money sent in cash, in the post or via risky high-street outlets.”

Agrawal highlighted the issue that the cost of transferring money is still a major hindrance for consumers. What is needed, he claims, is a mechanism to reduce the huge costs usually associated with money transfers, providing the average consumer with a safe, transparent and easy to use service.

FSB supports whole-of-government approach to exporting

As announced earlier in the week, the government is reforming the UK Trade and Investment body to deliver a whole-of-government approach to boosting British exports. The announcement was welcomed by the Federation of Small Businesses, which believes that making exports a priority will lead to better support for SMEs and first-time exporters.

FSB national chairman John Allan said: “As Ministers implement the new strategy, we urge them to embed the need to support small businesses and first time exporters in each department’s new export plan. The refresh of UKTI’s digital offering will be key to improving access to the best information and advice. FSB will support and promote moves to engage with the UK small business community. All plans should be well-marketed and robustly monitored if the Government’s targets of increasing the value of exports to £1 trillion and achieving 100,000 new exporters are to be met.”

More than 24 per cent of FSB members already export, with nearly one in 10 (9%) of these exporting more in the last three months.