MasterCard, Australian mobile money solutions provider eServGlobal, and Belgium-based BICS have formed HomeSend, a mobile remittance joint venture (JV).
The JV will enable consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets – regardless of their location or that of the recipient, according to MasterCard.
The HomeSend JV will leverage the current HomeSend platform, a remittance hub based on eServGlobal technology and developed as part of a strategic partnership between eServGlobal and BICS.
MasterCard will own a controlling share of the HomeSend JV.
Currently, HomeSend platform has live deployments in 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs) that represent more than 1.2 billion subscribers.
Ed McLaughlin, MasterCard chief emerging payments officer, said: "HomeSend will provide an important platform to deliver improved remittance services, and bring person-to-person transfer capabilities to more financially underserved consumers around the globe."
eServGlobal CEO and managing director, Paolo Montessori, said: "This combination creates one of the most comprehensive offerings in the market, and we believe will be an important step in the journey to extending cost-effective and easy-to-use financial services to people worldwide."