How can mMoney support the tourism sector?
Barbados could see a boost in tourism arrivals and overall tourism spend if officials leverage research information compiled from the mMoney platform.
Board Chairman, Stephen Austin, and CEO, Senator Rudy Grant, both signed the MOU on behalf of the BHTA, while Rawdon Adams, CEO of Bitt, signed on behalf of the Barbados-based FinTech company on Friday, December 7th, 2018, at the Tamarind by Elegant Hotels.
Among the benefits of the app, Adams noted that “… mMoney is a faster, cheaper and more secure way to transfer funds in and around Barbados”. Adams continued with the news that “… the mMoney platform will also allow track of [tourist] spend, of course respecting all data protection and consumer privacy. This type of information, based on real data, can result in more efficient marketing campaigns and planning for changes in the various tourist markets. These research opportunities are what I’m very excited about”.
“Tourism research data processing in the Caribbean can be insufficient, outdated and not the best for policy-making“, said Bitt’s Chief Economist, Marla Dukharan, in a follow up interview. Dukharan, who was a key part of the drafting of the MOU, further explained that the mMoney app will produce “granular aggregate data such as how many tourists, from which countries, are spending what amount of money, on what products and activities, at what time of year and at which establishments.”
Ultimately, market research gleaned from the mMoney app could empower the BHTA and other tourism stakeholders to generate higher returns on their investments by targeting the most relevant and lucrative tourist segments.