Read a great article about how China’s AgBank (China’s third largest bank by assets) is innovating change in the cash based commerce markets of rural China. Their solution is to introduce a unique electronic payments system to the market.
The link for the article is here.
Why is this important? As Clay Christensen tends point out the biggest market opportunities tend to be in areas of non-consumption. Solutions that can give consumers with only local market today access to global markets tomorrow have huge potential for profits and ultimately success.
This opportunity will feed the growth of global cross border commerce solutions into the distant future. Electronic payment systems are the first step in providing the unbanked with credit which of course leads to opportunities for online transactions.
Companies in the US and other parts of the world are all looking for ways to connect with these new prospective customers via robust e-commerce platforms. The GDC WorldView platform helps to provide these platforms with the ability to Identify the customers, Verify Delivery Information and Manage Payment Collections across global borders.
A big solution for an even bigger market opportunity