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?