In October 10 2013 the Payment News Site PYMNTS published this article written by Pete Rizzo in which he gives a good snapshot of the Money Transfer Industry. Mr. Rizzo interviewed IMTC Conference Director Hugo Cuevas-Mohr for the article.
Check one of the questions and answers and listen to the audio and view/download the pdf of the article here.
PYMNTS.com: How can money transfer service providers, banks and non-banks capitalize on the market?
Hugo Cuevas-Mohr: My advice is threefold. First, diversify, explore other options. Cash-to-cash transfers will be with us for a long time, but there is a definite shift to digital, and soon mobile. They’re slow to market, but they’re coming strong.
The second is partner, you cannot do it alone. I tell companies all the time, there are companies with specialties that you cannot come up with on their own, or that will take too much money and expertise to develop. There are a lot of white-label products out there, and outsourcing is a possibility.
Third, the money transfer business is not as easy as it may appear from the outside.