June 18, 2007

Money transfers by text message

24basic.1.600.jpg Anam a Dublin-based company that has specialized in new styles of cellphone messages, on Monday begins offering a service they say could revolutionize money transfers. The IHT reports.

"The service allows users to choose a name from their mobile phone address book, type in "cash" with the amount to be sent and press "send" for a transfer to be made from their bank account to another person's bank account.

An automated system calls the sender to confirm the person and amount being sent and, if confirmed, a text message is sent to inform the recipient that the money is on its way.

While such a service could be useful for anyone who has run short of cash while sharing a restaurant bill, the real target group for Anam is immigrant workers who send money home.

The market for overseas remittances is substantial. A study by the World Bank estimates that overseas workers from developing countries sent more than $72.3 billion back to their home countries in 2001.

"Our system is intended to allow people to cut back on trips to money transfer outlets," said Jote Bassi, the marketing director of Anam. "This system offers tremendous convenience, and there is no reason why the operators and banks involved could not undercut the current channels for money transferring."

Related services:

-- Maxis Malaysia unveils cell phone money transfer M-money

-- Using text message to send cash

-- India Tests Sending Money through Mobile Phones

-- Kenyans to transfer money using cell phones via M-Pesa service

-- Mobile carriers create a global system to facilitate cash transfers

emily | 8:37 AM | SMS and Banking | Add this this entry to your del.icio.us bookmarks. Digg This Technorati search results for this Entry
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