Following in the steps of its larger rival Western Union,
US-based money transfer specialist MoneyGram has announced its
entry into the increasingly crowded mobile phone-based cash
remittance market.
Partnering with MoneyGram in development of the mobile service is
Affinity Global Services (AGS), a mobile payments technology
solutions developer based in Dallas, Texas. Privately owned AGS was
founded in 2004 and is funded by US and international venture
partners.
Go deeper with GlobalData
“In developing economies, there are more people with mobile phones
than traditional bank accounts,” commented MoneyGram’s president
and CEO, Anthony Ryan. “We see a tremendous opportunity to better
serve these consumers by delivering MoneyGram remittances in
compelling new formats such as mobile technology.”
The mobile remittance service will run on AGS’ MADE Platform which,
according to MoneyGram, will enable it to connect to virtually any
mobile network operator. Cash distribution will be facilitated by
MoneyGram’s global network of over 180,000 locations.
MoneyGram noted that discussions are underway with a mobile network
operator which is expected to be the first to launch the service to
consumers later this year.
Western Union’s first mobile remittance service was announced in
October 2007 and in partnership with Philippine telecommunications
company Globe Telecom. The first foray into commercial service was
made in August 2008 with the launch of a service enabling consumers
in Hawaii to transfer money to Globe subscribers in the
Philippines.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
