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Mobile Banking Vital to The Bahamas

WITH 83 PER CENT of business executives expecting mobile payments to become 'mainstream' within the next four years, a leading accountant yesterday said it was vital for the Bahamas to follow suit and "stay on the cutting edge" to maintain its economic competitiveness. Simon Townend, managing director of KPMG Corporate Finance (Bahamas), whose firm yesterday released the survey of 1,000 global business leader opinions on the growing importance of services such as mobile banking and mobile wallets, said this nation was likely to follow suit "quickly" once the commercial banking industry and its accompanying regulations "all into place". Noting that Cable & Wireless Communications' (CWC) plan for BTC was focused on mobile data and smartphone technology, with a particular emphasis on mobile banking, Mr Townend - who was one of the key advisers/consultants to the Government on the privatisation - said the deal meant the Bahamas would see such technology "sooner".

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New Bahamas Government Portal

The government unveiled its new $10.2 million online portal yesterday , which it says will streamline services and make doing business in The Bahamas more efficient.

“Today marks a very significant milestone in The Bahamas,” Prime Minister Hubert Ingraham told attendees at the website’s official launch, held at the Sheraton Hotel, Cable Beach.

“We are moving government services from the counter only to the computer screen also. This is a fundamental change that will have tremendous benefits for the entire country,” he continued. “Improved responsiveness is critical to building a more effective public service.”

The new portal has brought several functions online, including enabling the online payment of property taxes, renewal of driver’s licences and allowing government suppliers to track payments issued by the Treasury Department. Additional services will be available online later this year and by June 2012 the government hopes users will be able to renew work permits and make passport and work permit applications from the site.

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Why Online2Offline Commerce Is A Trillion Dollar Opportunity

Editor’s note: With the growth of local commerce on the Web, the links between online and physical commerce are becoming stronger. In this guest post, Alex Rampell, the CEO and founder of TrialPay, explores the forces behind what he calls “online2offline” commerce.

What do GrouponOpenTable, Restaurant.com, and SpaFinder all have in common? They grease the wheels of online-to-offline commerce.

Groupon’s growth has been nothing short of extraordinary, but it’s merely a small subset of an even larger category which I’d like to call online-to-offline commerce, or On2Off (O2O) commerce, in the vein of other commerce terms like B2C, B2B, and C2C.

Bear with me. The key to O2O is that it finds consumers online and brings them into real-world stores. It is a combination of payment model and foot traffic generator for merchants (as well as a “discovery” mechanism for consumers) that creates offline purchases. It is inherently measurable, since every transaction (or reservation, for things like OpenTable) happens online. This is distinctively different from the directory model (think: Yelp, CitySearch, etc) in that the addition of payment helps quantify performance and close the loop—more on that later.

In retrospect, the fact that this is “big,” or that Groupon has been able to grow high-margin revenues faster than almost any other company in the history of the Internet, seems pretty obvious. Your average ecommerce shopper spends about $1,000 per year. Let’s say your average American earns about $40,000 per year. What happens to the other $39,000? (The delta is higher when you consider that ecommerce shoppers are higher-income Americans than most, but the point is the same).

Answer: most of it (disposable income after taxes) is spent locally. You spend money at coffee shops, bars, gyms, restaurants, gas stations, plumbers, dry-cleaners, and hair salons. Excluding travel, online B2C commerce is largely stuff that you order online and gets shipped to you in a box. It’s boring, although the ecommerce industry has figured out an increasing number of items to sell online (witness Zappos’s success with shoes: $0->$1B in 10 years, or BlueNile’s with jewelry).

FedEx can’t deliver social experiences like restaurants, bars, Yoga, sailing, tennis lessons, or pole dancing, but Groupon does. Moreover, for your locally owned and operated Yoga studio, there is little marginal cost to add customers to a partially filled class, meaning that the business model of reselling “local” is often more lucrative than the traditional ecommerce model of buying commodity inventory low, selling it higher, and keeping the difference while managing perishable or depreciating inventory.

The important thing about companies like O2O commerce companies is that performance is readily quantifiable, which is one of the tenets of O2O commerce. Traditional ecommerce tracks conversion using things like cookies and pixels. Zappos can determine their ROI for online marketing because every completed order has “tracking code” on the confirmation page. Offline commerce doesn’t have this luxury; the bouncer at the bar isn’t examining your iPhone’s browsing history. But O2O makes this easy; because the transaction happens online, the same tools are now available to the offline world, and the whole thing is brokered via intermediaries like OpenTable or SpaFinder. This has proven to be a far more profitable and scalable model than selling advertising to local establishments; it’s entirely due to the collection of payment by the online intermediary.

Does Groupon deserve a billion-dollar valuation? It’s easy to see a world where O2O commerce dwarfs traditional (stuff in a box) e-commerce—simply because offline commerce itself dwarfs online commerce, and O2O is simply shifting the discovery and payment online. If Groupon can grow its leadership position, I predict a multi-billion dollar valuation based on discounted cash flow alone. Groupon is not a gimmick or a game, but a successful example of offline commerce being driven by an online storefront and transaction engine.

Venture capitalists and entrepreneurs would be wise to think beyond cloning the “deal of the day” concept—and instead think about how the discovery, payment, and performance measurement of offline commerce can move online. This will have ripple effects across the whole Internet industry — advertising, payments, and commerce — as trillions of dollars in local consumer spending increasingly begin online.

Source: http://techcrunch.com/2010/08/07/why-online2offline-commerce-is-a-trillion-dollar-opportunity/

 

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Government Launches Event Management Software

NASSAU, The Bahamas – The Ministry of Youth, Sports and Culture, in conjunction with the Ministry of Finance’s Bahamas Government on Line (BGOL) Office announced recently the completion of a joint project for the introduction and implementation of an Events Scheduling and Facilities Management Programme.

Minister of Youth, Sports and Culture the Hon. Charles Maynard said the new system is intended to assist the many clients who use the various government facilities falling under the purview of his Ministry for sporting events, cultural events meetings, and recreational activities.

“EMS or Event Management System is “user-friendly” software which allows users to follow simple straightforward instructions in order to electronically reserve the use of the Thomas A. Robinson Stadium, Betty Kelly-Kenning National Swim Complex, Kendal G L Isaacs Gymnasium or the field at the Blue Hills Sporting Complex,” Minister Maynard said.

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Firms educated over Clearing House benefits

With the implementation of the Bahamas Automated Clearing House (BACH), Bank of the Bahamas International executives are taking steps to ensure business customers understand the new adjustments to their payroll systems.

Representatives from a variety of companies attended intensive ACH workshops at the bank's training facility to learn more about the new structure's impact on their bottom line.

By linking all clearing banks, the BACH will facilitate electronic payroll, with direct immediate credit, from employer to employees wherever they bank within the system.

Bank of the Bahamas International's managing director, Paul McWeeney explained the background to the ACH at the start of the training session.

Source: http://www.tribune242.com/business/09162010_Bank_business_Page4-Lead

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