Globe Telecom and Western Union Join Forces to Deliver Money Transfers through Mobile Phones in the Philippines
The Western Union Company, Globe Telecom and its wholly owned subsidiary, G-Xchange, Inc., announced today that they will join forces to introduce a cross-border mobile money transfer service supporting low-principal, high-frequency remittances.
Globe Telecom, a leading telecommunications provider in the Philippines, offers its GCASH service with an “electronic wallet” feature that allows users to send and receive cash and make payments, including bill payments, donations and online purchases via texting. Globe Telecom had more than 19 million subscribers as of the end of September 2007 and close to half a million active GCASH users.
Once the Western Union(R) mobile money transfer pilot has launched, the service will connect operators to Western Union’s existing global money transfer system. Once connected to the Western Union service, operators will be able to use their own “mobile wallet” software to enable person-to-person mobile money transfers over Western Union’s cross-border remittance network. The Mobile Money Transfer service will enable consumers to transfer money to or from mobile wallets and will offer a global network of Western Union Agent locations for cash-to-mobile and mobile-to-cash transactions.
Mobile networks now cover more than 80 percent of the world’s population, and 3 billion people have a mobile phone,(2) creating a unique opportunity to extend the benefits of financial services to many of the world’s families for the first time.
The agreement with Globe is part of the pilot program of Western Union and the GSM Association, a global trade association representing over 700 GSM mobile phone operators, to facilitate the development of cross-border mobile money transfer services.
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