Norwood Systems

Aus hotcoper.com...the 'unbanked 'is a massive potential market. Philippines alone has a population of over 103 Million .....but if you think about the same model expanded into India, with 1.25 Billion population and 500 Million Mobile phone subscribers, the potential becomes more obvious.

Currently, if you are 'unbanked ' in say, the Philippines and, for the sake of argument, the Aussie boyfriend sends you money through Western Union (a common practice) which you then have to physically collect from the nearest Western Union agent, who may be an hour or more from your location. To get there probably means a big hassle, as you will not have a car and will probably have to travel by bus. Meanwhile, the Aussie boyfriend has been charged 5 per cent (as far as I remember), or $5.00 for every Aud 100 dollars sent via the WU system.

With World Credit, those hassles will disappear. the 'unbanked 'get the money arriving as credit on their World Phone app, almost instantly. World Phone and Peppermint could charge, as an example, 2.5 per cent. May not sound much but if you had say, 1 million Filipinos getting money through World Phone app / Peppermint, it would be a nice little earner. A system easily expanded to many millions more, I would imagine.

I did check on App Annie 'finance 'category this morning, on Philippines - to see if I could find anything that looked like Peppermint Innovation - but nothing obvious stood out. Did see several large Philippine Banks and the four Aussie major banks mobile apps.