Mobile Money Transfer

Wednesday, December 19, 2007 Labels: , ,
Welcome to the GSMA's Mobile Money Transfer Strategic Initiative

The GSMA's Mobile Money Transfer (MMT) programme was launched with the aim of tapping the ubiquity and ease-of-use of mobile communications to enable the world's 200 million international migrant workers to easily and securely send remittances to their dependents, many of whom don't have bank accounts.

By exploiting the extensive reach of the mobile networks, the programme will complement existing local remittances channels and make transferring money internationally significantly more affordable.

About Mobile Money Transfer

Over $275 million is remitted every year from developed economies to emerging markets through recorded channels and the World Bank estimates that half as much again travels through unrecorded channels. The use of the mobile phone as a sending and receiving mechanism for remittances has the potential to enable low denomination remittances (sub $100) to be made much more affordable. This will create a new market, driving the accessibility of remittances globally to reach an estimated 1.5-2bn recipients. The impact of this will be to increase the overall penetration and usage of m-transfers, m-payments, and m-banking globally.

Our vision of money transfer is that it should no longer be restricted to the ‘traditional’ physical methods of moving money. Money should be available and able to be moved 24x7, 365 days of the year, wherever you are. MMT services will offer the opportunity to send money to in excess of 3 billion mobile phone users across all networks and geographic boundaries.



My Site said...

That sounds great but I wonder how it will be implemented. Do you browse to your site on your cell and enter a credit card number or is there another way this is going to work?

Waqas Sadiq said...

yeh, there is the other way, you can use paypal mobile API for cradit card transactions. its currently only supported in Canade, UK and USA. Soon it will be available for other countries.

Post a Comment

Waqas Sadiq © 2014