This service allows the migrant diaspora in Europe to send money home via the mobile phone. Received funds are secured in the Mobile Money Account of the beneficiaries and can then be cashed out at any agent or used on the same phone to pay bills and merchants. The solution from Wirecard and TransferTo will allow Mobile Money Operators to brand the service and deploy it without the need to setup business operations in Europe.
Mobile money play a key role in financial inclusion for 2 billion people in developing countries who lack bank accounts and credit cards, according to The World Bank.
TransferTo is a cross-border mobile payments network, interconnecting financial institutions and mobile operators globally. The company provides its partners with a global compliance framework for all relevant regulatory requirements, enabling businesses in more than 100 countries to offer real-time Mobile Money and Airtime transfer services to their customers. In 2016, TransferTo Mobile Money and Airtime Hub processed more than 60 million transactions.Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As an independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now