The United States seems to be getting closer to a goal of using mobile handsets in doing and accomplishing financial transactions and purchases as several competing market payers aligns with technology and objectives.
There is evidence that the US market may overcome crucial issue – technology incompatibility – and make progress during 2008 towards contactless payments using cellphones said by David Chamberlain of the In-Stat analyst. Companies in several different sectors are ultimately want to deploy near field communications (NFC), the key enabling technology, into handsets as well as in merchant payment terminals.
There is also general agreement that the current generation of mobile banking services is an important first step towards accomplishing the goal. Depending on several technology, commercial, and marketing factors, between 8 million and 30 million costumers in North America will be using NFC based contactless payments by 2012.
Most of the companies involved in bringing mobile finance to the North American market have similar goals and understanding of the current market, which is critical to the development of the market.
Mobile Money Transfer Across Border...
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Monday, February 4, 2008
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Thursday, January 31, 2008
MOBILE MONEY TRANSFER ACROSS-BORDER
Western Union, the leading global money transfer company, has entered into a separate agreement with Smart Communications and Globe Telecom, the two largest wireless service providers in the country to more than 8 million overseas Filipino workers for better money transfer and remittance.
Western Union provides consumers with fast, reliable and convenient ways to send and received money around the world, as well as sends payments and purchase money orders.
It operates through a network of more than 320,000 agent locations in over 200 countries and territories.
Smart and Western Union will jointly develop and pilot a mobile money transfer service in the country that will make low denomination, high-frequency remittances more affordable to OFW’s
Globe announced that its wholly-owned subsidiary G-Exchange Inc. and Western Union will join forces to introduces across-border global money transfer service supporting low-principal, high-frequency remittances. Globe offers G-Cash service with an electronic wallet feature that allows users to send and received cash and make payments, including bill payments, donations and online purchases via texting.
Once the Western Union mobile money transfer service is launched which is expected in the second quarter of 2008 – the service will connect operators to Western Unions global money transfer system, which processed approximately 17 percent of the worlds cross-border remittance volume in 2006.
When connected to the Western Union service, operators will be able to use their own “mobile wallet” software to enable person-to-person mobile money transfer over Western Union’s cross-border remittance network.
The mobile money transfer service will enable consumers to transfer money to or from mobile wallets and will offer a global network of Western Union Agent location for cash-to-mobile and mobile-to-cash transaction.
The agreement with Globe and Smart is part of the pilot program of Western Union and GSM Association (GSMA), an international trade association representing over 700 GSM mobile phone operators, to facilitate the development of cross-border mobile money transfer service.
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