Online Payments: What are the main success factors in the remittance industry?

Quite a few factors will continue success of remittances... here are some of them that are in the public domain (and in the works)

• Implementation of IBAN (International Bank Account Number) - no more lost remittances, no more confusing account number arrays, simplified system to follow and implement.
• Switch Based InterBank Funds Transfer - the ability to settle into any bank, even if you don't bank with the channel through which your remittance is coming forth.
• Virtual Card Technology - Ability to link value to virtual credit cards. Remittances can be instant now.
• BIS and other Banks to levy flat fees - It is proposed that a flat fee mechanism be imposed on remittances rather than a percentage of the transaction (slowly this will be implemented all across).
• Cross-Loading - Ability to load money from various financial instruments (PayPal, Bank Account, Cash, Credit/Debit Card, Pre-paid, eWallet, Transferable Credits, ATM, POS, etc.) Same would be true for off-loading of the remittances.
• Shortened Time-Frames - The average remittance timeframe has gone down considerably, but still there is room for improvement.
• Loyalty Programmes - More and more loyalty programmes are being built around the remittance products. Not only from a commercial view point (retailers, banks, mobile companies, food/restaurants, etc.) but the government too is offering incentives now.

You may also want to read: How will money transferring between countries look in five years?