TransferTo chases remittances with new hub

TransferTo chases remittances with new hub

16 SEP 2015

As previously revealed by Mobile World Live, TransferTo officially launched its mobile money hub, enabling consumers to send cash to friends and family with mobile money accounts in developing countries.

The firm is not offering the hub service directly to consumers but to banks and operators who will offer the service to their users.

TransferTo offers the banks and operators connection to mobile money services run by operators in Africa, Asia and Latin America.

Barbier told Mobile World Live about the hub a few weeks ago. He explained the thinking behind it: to give the firm access to a higher level of remittances, from $20 to $100, in contrast to its prepaid business, where transactions are typically between $1 and $20.

The new initiative builds on the firm’s core business in hubbing transfers from banks and operators in the US and the Middle East to pre-paid mobile accounts in the developing world. It already has relationships with operator groups including Vodafone, Airtel, Telefonica and MTN.

Barbier also mentioned a follow-on opportunity – acting as a hub between mobile money systems, typically where both operators are in Africa. Or enable multinationals and NGOs to send payments to employees, suppliers or aid recipients, using mobile money services to distribute the funds.

Author

Richard Handford

Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including...

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