Send money though mobile phones

Now millions of migrant workers can send their money through their mobile phones. A global association of mobile operators has launched a programme, mobile money transfer (MMT) in association with MasterCard to allow workers to send money through mobile phones. More than 19 mobile operators are involved in the global money transfer project with networks in over 100 countries. Mobile operators like Philippines’ Smart and India’s Bharti Airtel are making partnership with banks at local or regional level to provide this service. While the GSM Association is planning to set up the global money transfer project worldwide in association with Master Card, which will provide international authorization, clearing and settlement. The GSMA and MasterCard are planning to pilot global hub, which will link together national markets and other local systems, which will run by mobile operators in partnership with local banks. The hub will offer migrant worker to internationally transfer money to their family and friends by using their mobile phones. In India, the State Bank of India (SBI) is partnering with Airtel to launch this service in India. While Smart Communications of the Philippines, is planning to launch pilot projects in collaboration with mobile phone operators and banks in Bahrain, Italy, and other countries. The GSMA group is working with Consultative Group, a Microfinance Group and the UK Government’s Department for International Development to launch the project. Via: BBC