Remittance is the act of sending money. Remittance can be domestic (within a country) or international (across national borders). Ongoing growth in migration has led to significant, continuing rises in the amount of money remitted each year.
Mobile money transfer represents an opportunity to facilitate remittance that benefits customers by providers a service that is safe, fast and cost-effective as well as the mobile money service providers by creating a new way to bring funds into mobile wallets, stimulation the service usage and generating revenue.
International remittance & interoperability
International migration is a global phenomenon that is growing in both complexity and impact. More people live outside their country of birth than at any other time in history. This has resulted in an increased demand for payments and remittances worldwide.
PayMobile natively interfaces with the HomeSend global payments hub, a joint venture of MasterCard, eServGlobal and BICS. HomeSend is a market leading solution which enables cross-border transfer between mobile money accounts, payment cards, bank accounts or cash outlets from anywhere in the world, regardless of the users location.
The combination of PayMobile’s features with a HomeSend® service contract provides a solution for domestic interoperability between mobile money deployments, enabling cross-operator transactions to boost the growth of the mobile money business.
The ubiquity of the mobile handset, even in developing and emerging countries presents an opportunity to reach users previously inaccessible through traditional financial services. According the the UN over 700 million people are migrants within their own country, having relocated from the region in which they were born.
Most internal migration is driven by the migrant’s search for better economic conditions. In rural areas, one member of the family may leave to find better paying work in an urban area. The person will typically then send part of his wages home to support the family.
There is a need for domestic remittance solutions which are safe, fast and cost-effective.
eServGlobal’s comprehensive mobile money platform, PayMobile is an end-to-end solution, enabling service providers the ability to offer efficient domestic remittance services.
Who can send and receive money?
Money transfers are easily available for mobile money subscribers who are registered with a mobile money deployment. However, this service can also be open to unregistered subscribers with the support of an agent either on the sending and/or receiving side (Over The Counter, OTC, transactions). Local regulation will provide the service provider with guidelines about the type of money transfer that can be commercialised.