The GSMA recently released an infographic showing the importance of international remittance and the potential of mobile money for these transactions.
“International Remittances: The fastest growing mobile money product by volume – up by 52% in 2015.”
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. Mobile money transfer represents an opportunity to facilitate remittance that provides customers with a service that is safe, fast and cost-effective. For mobile money service providers, it creates a new way to bring funds into mobile wallets, stimulates service usage and generates revenue. International remittances via mobile money is also accelerating financial inclusion and supporting the UN Sustainability Goals.
The HomeSend global payments hub, a joint venture of MasterCard, eServGlobal and BICS 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.
HomeSend recently announced several significant developments, full details can be found at the following links:
- HomeSend secures partnership with KEB Hana Bank,Korea
- HomeSend announce new remittance service in Ethiopia
- HomeSend announce partnership with Ericsson
For more information on international remittances, read our white paper on the following link: