Mobile Money Operators can now launch remittance services in Europe
TransferTo, leading cross-border B2B mobile payments network, and Wirecard, Europe’s leading specialist for payment processing and issuing services have teamed up to offer a white-label mobile-to-mobile remittance service.
By leveraging Wirecard and TransferTo expertise, Mobile Money Operators can offer a remittance service under their trusted and recognised brand. This solution allows the migrant diaspora in Europe to send money home that is as simple as sending a text message, and provides them the convenience of an immediate mobile-to-mobile transaction. Received funds are secured in the Mobile Money Account of the beneficiaries and can then be cashed out at any agent or used on the same phone to pay bills and merchants.
Markus Braun, CEO at Wirecard, says, “We partnered with TransferTo for their extensive network reach across hundreds of Mobile Money Operators and their expertise in the emerging markets. Operators choosing to launch their own branded solution in Europe will have the ease of Wirecard providing the end-to-end payment solution with all requisite licenses in Europe, magnified with the strength of TransferTo’s cross-border mobile payments network.
The end-to-end solution from Wirecard and TransferTo will allow Mobile Money Operators to brand the service and deploy it quickly, without needing to set up business operations in Europe. Operators also gain a competitive advantage by expanding their brand and services to attract new customers. By tapping Wirecard and TransferTo, Mobile Money Operators from developing countries can focus on creating a frictionless experience for migrant workers to send money home. Customer stickiness will also improve as migrant workers trust a familiar brand from home and families receiving money will use their mobile wallets more actively.
Mobile Money plays a key role in financial inclusion for 2 billion people in developing countries who lack bank accounts and credit cards . By using their mobile phones to send money home, migrant workers avoid the hassle of travelling to a shop or a bank and filling in paperwork. The mobile transfers are immediate and secure.
Eric Barbier, CEO of TransferTo, says, “This is the quickest way for our Mobile Money partners to launch their brands into Europe and serve both the migrant workers sending money home and their families receiving it. We’re extremely pleased to be helping Mobile Money Operators harness new avenues to reach customers across borders and deliver a fully branded experience to grow their business.”