GSM Association (GSMA), a global association representing over 700 GSM mobile phone operators and Western Union Company have announced to develop cross-border mobile money transfer services.
Both the companies are designing a commercial and technical framework, which will help operators to allow their customers to send and receive low-denomination by their mobile phones.
Western Union and GSMA claim that this kind of money transfer from mobile phones will be easy and quick. Mobile users can transfer even small amount of money though this affordable service.
“Mobile networks now cover more than 80 percent of the world’s population and 3 billion people1 have a mobile phone, creating an unprecedented opportunity to extend the benefits of financial services to the majority of the world’s families for the first time,” said Rob Conway, CEO of the GSMA. “Mobile money transfers are a key driver in the development of a potentially vast market for financial services delivered via the mobile phone.”
“Western Union has a long tradition of innovation,” said Western Union President and CEO Christina Gold. “Our focus on the mobile money transfer space is an important step in expanding the range of Western Union’s global services to a new category of consumers. Our brand, extensive network, and compliance capabilities, combined with the GSMA members’ market reach, uniquely positions Western Union in the mobile money transfer marketplace.”
Thirty-five GSMA operators having more than 800 million customers in nearly 100 countries are expected to participate in the GSMA Mobile Money Transfer program. The Mobile Money Transfer program is administered by the committee led by
A committee having representatives from Bharti Airtel, MTN, Orange, Orascom, Smart, Telenor and VimpelCom the Mobile Money Transfer program is overseen Sunil Mittal, the Chairman and Managing Director of Bharti Airtel and other representatives from Bharti, MTN, Orange, Orascom, Smart, Telenor and VimpelCom.
