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Published by: bitcoinnewsroom on Jul 24, 2013
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Xoom.com SWOT Analysis
Backed by several venture capitalist firms, with initial funding of 20 million in 2007and $33 million in 2010A survey of 79 remittance service providers note that Xoom had the highestconsumer satisfaction ratings in transparency of the fee, transparency of the foreignexchange and valueCustomer Experience DrivenStatusTrakAllows customers multiple ways to track transfersCan use mobile text messages or email updates and can even call24/7 support to track the status of their transfersOnly Pay When Receiveda service that debits the customer’s funds only after the money hasbeen received at the destination.Can send money in 30 countriesMajority is from India and Philippines (Gross sending volume grew from 245million to 2.3 billion in 2012)Revenue increased from 14.1 million to 80 million from 2008-2012User base of 750,000 active customersGlobal partnerships with banks (many banks in which deposits can be made)Current market share is 4%; lots of room to growLower transaction fees compared to competitors (a flat rate of $4.99 to send up to$2,999)Special rates for specific countriesIndia transfers are fee free if more than $1000 is sent through a bankaccountVery convenient money transfer transaction process because it is available tocustomers via internet and mobile anytimeUser friendly customer interface, minimal technological barrier to adoptionCustomer referral program to increase acquisition and growthOnline calculator that will show you exactly what the final amount is, plus aguaranteed exchange rateVarious certifications from security and privacy organizations that consumers arelikely to associate trust with
TRUSTeVerisign SecureBBB A+ RatingRegulation by federal government to comply with the lawMoney back guarantee if recipient does not receive full money
Whoever is going to design the Netcoin wallets would have to makethe UI as user friendly as possible with additional confirmations toensure that they are sending the correct amount and to the correct address
Recipients do not need a bank account or Internet connection to receive funds.Senders can fund their money transfer with a credit card, debit card, or bankaccountTransactions funded with credit cards or debit cards can be cancelled.
Target 1% to 3% of a transaction’s principal amountCan Netcoin be less?Although they claim to have the fastest transaction times, this can varyVarious by country, method of delivery and how they pay for transactionThings that can slow down processingAdditional information required by Xoom or recipient bank or financialinstitution for your securityPayment processing / verifying your bank accountPay network processing hoursBranch location hours / delivery hours / holidaysErroneous recipient detailsWith Netcoin exchanges, unless we redesign how exchangeswork, these problems with exist with Netcoin itself Transfer limitsDepends on partner or receiving county limits and sending limits for recipientand sender Household limit of up to $6000 per 30 day period and up to $9,999 in180 daysEach transaction is capped at $2,999 but can be increased to($25,000 in a 30 day period, up to $60,000 in 180 days) by supplyingadditional information to meet Federal and State regulatoryrequirementsGovernment issued identification number 
There is potentially no limit with Netcoin, but it depends on whether or notNetcoin needs to be regulatedStrictly reinforce their user agreements and will terminate accounts if violations arepresentMany users report their accounts have been terminated unfairly with noexplanationNot an issue with NetcoinRequires customers to be comfortable using Internet and/ or mobile phoneapplicationsExclusion of low income, unbanked or financially uneducated consumers andconsumers with bad credit history or bad banking recordExclusion of undocumented immigrantsWebsite only in three languages (english, spanish, and portuguese) despite serviceoffered in 30 countriesMajority of customers appear to be sending payments from US
*Need to look into the legal aspect to see whether or not Netcoin can serve as amedium for remittance payments without any regulations*
Netcoin can potentially provide services for more than the 30 countries offered byXoom
But would require translators, as well as exchanges that would exchange theNetcoin in their local currency
A system like LocalNetcoins can work, but more brainstorming is needed inthis area
Netcoin does not eliminate the need to use a banking system, as money needs tobe exchanged for Netcoin
So there is still delays and additional verification that may exclude patientswithout a bank account
Need to come up with a solution to this
Perhaps more ways to acquire/earn Netcoin without exchanging
If this issue is solved, we can boast almost instantaneous transaction timeswithout delays; the limiting factor is the exchanges itself and not Netcoin
No transfer limits
Netcoin can potentially have very low transfer fees, but the exchanges can affectwhether or not we can beat the rates offered by Xoom
The LocalNetcoin rates are sometimes higher than the exchanges and these

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