Riding the recent developments on mobile payment system, Western Union is taking its business mobile with its new partnership with GSM World to develop a global mobile money transfer service. The scheduled roll out is in 2nd quarter 2008.
This new money transfer service will empower average consumers to "send and receive low-denomination, High frequency money transfers using their mobile phones." A mobile wallet software is required to facilitate these transactions.
"Western Union has a long-tradition of innovation. Our focus on the mobile money transfer space is an important step in expanding the range of Western Union's global services to a new category of consumers. Our brand, extensive network, and compliance capabilities, combined with the GSMA members' market reach, uniquely positions Western Union in the mobile money transfer marketplace," said Western Union President and CEO Christina Gold, in a press release.
The bigger issue here is will this new technology minimize the transfer fees paid by the consumers or are we going to pay higher fees since it's more convenient?
October 21st, 2007 at 11:22 am
I’ve already been sending money like this through Obopay. It’s a service I got for free through my Citibank account. Obopay, apparently launched a couple of years ago, and they have partnerships with Citi and Verizon.
I don’t understand how Western Union thinks they can jump into the game so late, and I don’t understand how they can offer this service without the same fees they are notorious for. If they offered fees as low as Obopay, then they would lose all business at their brick and mortar locations. I think they’re going to apply the same business model they’ve always used, and that model can’t compete with low-cost mobile payments.
June 15th, 2009 at 8:27 am
free and easy money transfer service in all the world with pay society http://www.paysociety.com
February 17th, 2010 at 9:34 am
our company submit some Value-Added services through mobile operators and we have SMSC, also we submit other services spicially with financial institutions, and we have good releationship with mobile operators, banks and other financial Ins. so we are looking forward to submit MMT with WU here in yemen as third party between all paries (Weaster Union, banks and mobile operators)