May 31, 2007
Maxis unveils cell phone money transfer
Malaysia's top mobile phone operator Maxis has tied up with the Philippines' Globe Telecom to introduce a new mobile international money transfer service called M-money (but this is not a first, as they claim - see links below), enabling thousands of Filipino workers in Malaysia to remit money to their families back home. Associated Press reports.
"Under the system, Maxis customers can wire up to 500 ringgit ($143) per transaction to Globe subscribers in the Philippines, who can retrieve the money at Globe's 6,000 outlets, the statement said.
Maxis customers must cash in the money with Maxis before making any overseas remittance and are charged only a five ringgit ($1.47) service fee per transaction, less than half the fee that bank charges, it added."
Related:
-- Using text message to send cash - Smart Communications, the system of using text messages to transfer cash now delivers at least $50 million a month to families in the Philippines, according to Washington-based lender International Finance Corp . According to bank data, nearly 8 million Filipinos in more than 100 countries sent nearly $100 billion home over the past 30 years.
-- India Tests Sending Money through Mobile Phones - India's Bharti Airtel has joined hands with The GSM Association to launch a pilot program that will eventually enable over 25 million Indians abroad to remit money to India through their mobile phones.
-- Kenyans to transfer money using cell phones - Safaricom, Kenya's biggest cell phone firm, on Tuesday launched a money transfer service Known as M-Pesa, or mobile money. Apart from transferring cash - a service much in demand among urban Kenyans supporting relatives in rural areas - customers of the Safaricom network will be able to keep up to 50,000 shillings (£370) in a "virtual account" on their handsets.
-- Mobile carriers facilitate cash transfers - A group of 19 mobile operators with networks in more than 100 countries and representing more than 600 million customers joined forces to create a global system joined forces on Monday to make it easier and cheaper for hundreds of millions of immigrants and migrant workers to send money home by using their mobile phones.
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