The US-based financial services and communications company, Western Union and GSM Association (GSMA) have jointly announced their plan to develop a system that would allow consumers to transfer money/cash across international borders via just a mobile phone. It’s a very cool and convenient commercial cash transfer service based on “Mobile Wallet” technology!
“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.”
The cool and useful global mobile cash transfer services from a team of Western Union and GSM Association is expected to be available in 35 GSMA operators or about 100 countries around the world from Q2 2008.