TransferTo Simplifies Mobile Money Remittance with Launch of Mobile Money Hub at Finovate Fall
- 16.09.2015 01:00 am
TransferTo, a leading global mobile remittance hub, is making remittance faster, cheaper, simpler and more secure with the launch of its Mobile Money hub. Unveiled today at Finovate Fall in New York, the Mobile Money hub enables mobile operators and financial institutions to offer real-time money transfers to mobile money accounts.
With one billion people set to use mobile money by 2020 worldwide, and 300 million people using mobile money today, TransferTo is working with telecoms and remittance partners to create the largest network of newly banked people across the globe. Together, these companies and organizations are bridging the gap between the world’s financial institutions and newly banked mobile money users.
Today’s launch means that consumers will be able to send funds in real time to mobile money accounts in Africa, Asia and Latin America. Sending mobile money across borders becomes as simple as sending a text message. The user's mobile phone number effectively becomes a bank account number, which they can use to make and receive payments quickly, easily and securely through mobile money transactions in real-time.
TransferTo’s Mobile Money Hub provides a dedicated, scalable and fully compliant solution for Financial Institutions and Mobile Operators to connect to millions of mobile money accounts worldwide with a single connection. The hub is regulated in the UK and fully compliant with US and EU regulations rules.
Eric Barbier, CEO, TransferTo will demonstrate the Mobile Money Remittance hub at Finovate Fall in New York today. Commenting on the launch, Eric said: “At TransferTo, our goal is to connect every Mobile Money service so that people all over the world can send and receive money quickly and affordably. With the launch of our Mobile Money Remittance hub, we’re answering a very real need in developing countries for mobile money remittance services. Giving consumers more control over how, when, and where they access funds is a critical step towards greater financial inclusion worldwide. For consumers in developing markets, it’s not only game changing, it is truly life changing.”
TransferTo has over a decade of experience working with mobile operators worldwide, and has partnered with more than 400 mobile operators, including Vodafone, Airtel, Telefonica and MTN, and over 100 financial institutions, including PayPal, Western Union, WorldRemit and Xoom.
TransferTo’s Mobile Money hub complements its existing Mobile Airtime Remittance and Mobile Goods and Services Remittance hubs. By the end of 2015, TransferTo is on track to enable over 50 million transactions globally.