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Publication Date: June 2008
EVENT SPOTLIGHT
In late April 2008, America Móvil launched in El Salvador a new service, Claro Remesas (Spanish for remittances). This service uses the mobile devices of both the sender (in the US) and the receiver (in El Salvador) to complete a money order transaction. The receiver must acquire a special kit consisting of a prepaid phone and a debit card from Banco Promérica, the sender must activate service with the associate bank in the US.
After announcing that 3G services have arrived in El Salvador with Claro Remesas, Alberto Davison, executive director of Claro, explained that remittances sent to Claro customers in El Salvador could be collected in predetermined Claro customer care centers. Pyramid Research believes that this service will allow Claro to grab a piece of the $50bn remittance market, but it will be challenged by the availability of banking infrastructure throughout the region and the lack of positioning in the remittance market.
Author: Jose Mario Lopez
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