EastNets compliance and payments solutions and services recently signed an agreement with the Qtel Group to provide the technology platform and expertise to support the regional and global rollout of the Qtel Group’s mobile money services across key markets, enabling international remittance globally. EastNets will provide the full infrastructure needed to host Qtel’s “mobile wallet” service, running the entire operation of the hosted services through a primary site in Dubai and a Disaster Recovery (DR) site in Bahrain. Mobile Network Operators (MNOs) will connect to the primary and DR sites through a secure VPN Connection. Qtel’s mobile wallet service allows customers to use their mobile phone accounts to send money, top up their credit, make payments and transfer airtime to friends and relatives. EastNets will also deliver compliance and anti-money laundering (AML) solutions to the Qtel Group through the en.SafeWatch Profiling as a Service (PaaS).
Money transfers have just become easier with Instant Money, the Spar money transfer platform powered by Standard Bank. INSTANT MONEY allows individuals to send cash to friends and family members through their retail distribution network. Enhancements to INSTANT MONEY now make it possible for Standard Bank account holders to send money to mobile phones directly from their bank account. Once the sender has processed the payment from their Standard Bank account, the recipient receives an INSTANT MONEY voucher code and notification of the payment on their mobile phone. The payment can be redeemed for cash at participating SPAR store.
SelectCore prepaid telecom and financial solutions for the credit challenged and unbanked consumer market is making available its Free and Instant Money Transfer solution. The Company is now preparing to go to market with its technology by securing international merchant partnerships and deploying the service domestically throughout thousands of its existing retail locations. Delivered instantly to the recipient’s mobile device and funds are available for immediate use at their local merchant, the money transfer platform generates revenue for SelectCore based on transaction fees and margin earned from merchant redemptions.
IDT has established an international remittance clearinghouse (RCH) for mobile network operators. The RCH facilitates connectivity between traditional, cash-based, money transfer operators and mobile wallets utilizing IDT’s economical transaction settlement and foreign currency exchange services. These services will enable mobile network operators to expand their reach particularly into unbanked immigrant populations in developed countries. IDT will launch RCH services with Smart Communications and Globe Telecom in the Philippines. Smart and Globe serve about 69 million subscribers and nearly 10 million mobile wallets in aggregate. Utilizing IDT’s RCH, Smart Money account holders and Globe’s GCASH account holders will be able to receive proceeds from traditional cash based money transfer transactions and be able to use those funds to make payments or withdraw cash in minutes.
Western Union global payment services has introduced a new app that will allow anyone in the U.S. to send a Western Union money transfer directly from a mobile phone. Now available for iPhone, iPad and iTouch, the app can be downloaded via the Apple App Store and will be made available for BlackBerry and Android devices eventually. It allows consumers to send a Western Union Money Transfer transaction directly from their mobile phones using a credit or debit card. The funds are available for pickup generally within minutes at more than 400,000 Western Union Agent locations in 200 countries and territories, including within the United States.
EastNets compliance and payments solutions has unveiled its “en.MoRe” m-remittance solution in Amsterdam. The mobile remittance solution allows consumers to use their m-phone to initiate convenient money transfers. EastNets plans to expand the market coverage of “en.MoRe” starting with a many-to-many network between mobile network operators in 10 sending countries and banks in 15 receiving countries in the coming months. The service will be offered in key markets such as Pakistan, India, the Philippines and the Middle East to help m-network operators and banks target the estimated 200 million migrant workers around the globe who send money to friends and families on a regular basis.