Thursday, February 15, 2007
Mobile Carriers to Simplify Sending Money to Foreign Countries
Posted by Ekkie Tepsupornchai in "OFF-TOPIC" @ 02:00 PM
"Mobile communications operators and banks joined forces on Monday to make it easier and cheaper for hundreds of millions of immigrants and migrant workers to send money home by using their mobile phones. The aim is to reduce the transaction costs of sending small amounts of cash to just a few percent, from a current 24 percent for amounts as small as $50."
This almost sounds like a PayPal-kind of service except that it would be tied to your phone and/or phone number and the users won't need supporting bank accounts. Security and authentication are obviously huge critical success factors here. Vodaphone will conduct initial testing between UK and Kenya though several other countries and telecommunications companies are planning similar testing soon thereafter.
This almost sounds like a PayPal-kind of service except that it would be tied to your phone and/or phone number and the users won't need supporting bank accounts. Security and authentication are obviously huge critical success factors here. Vodaphone will conduct initial testing between UK and Kenya though several other countries and telecommunications companies are planning similar testing soon thereafter.
