mobile money

Mobile Money turns 10

The mobile financial services community is celebrating the tenth anniversary of mobile money. The first ever mobile financial service was launched in Zambia in 2002. It was launched by Celpay, and powered by Visa-owned Fundamo. The service was the first in a movement that has fundamentally transformed the way unbanked and under-banked people in developing nations use financial services.

Mobile money service to serve unbanked in Mexico

Latin American operator group América Móvil is spearheading the launch of a mobile money service in Mexico, aimed to serve the nation’s underbanked population. The service, called Transfer, will be launched by a joint venture between the operator, Citibank´s Mexican unit Banamex and local bank Banco Inbursa.

Mobile payments to be worth $1tn by 2015

The global value of mobile payments is set to reach close to $1tn (£591bn) worldwide by 2015. The driver will be consumer demand for devices with NFC technology, which are expected to instigate a 97 per cent growth per year, over the next three years, according to a report by KPMG.

Monitise aims to be “world’s largest” m-money player with acquisition

UK mobile payment technology and services provider Monitise has announced plans to acquire US based counterpart Clairmail, in a bid to create the “world’s largest pure-play mobile money company”. Monitise will pay a sum of $173m for the acquisition, which is conditional upon US regulatory and shareholder approvals, and the firm expects the acquisition to be completed before the end of the financial year 2012.

Visa launches open platform for mobile money

Payment processor Visa has launched a mobile banking product to serve consumers in developing nations. The company said that its Prepaid Mobile offering will provide an open platform for existing mobile money systems.

New MVNO targets Africans working in UK

A new MVNO has launched in the UK, targeted exclusively at the African migrant community, claiming to be the first player to launch prepaid mobile credit transfer over SMS between the UK and Africa. The service effectively allows African callers to reverse charge calls to the UK.

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