institutions can now offer real-time international money transfers to mobile money
users worldwide, as TransferTo launches Mobile Money platform
16 September 2015 – TransferTo, a leading global mobile money platform,
is making mobile money faster, cheaper, simpler and more secure with the launch
of its Mobile Money platform. Unveiled today at Finovate Fall in New York, the
Mobile Money platform enables mobile operators and financial institutions to offer
real-time money transfers to mobile money accounts.
With one billion people set to use mobile money
by 2020 worldwide, and 300 million people using mobile money today, TransferTo
is working with telecoms and remittance partners to create the largest network
of newly banked people across the globe. Together, these companies and organizations
are bridging the gap between the world’s financial institutions and newly banked
mobile money users.
Today’s launch means that consumers will be able
to send funds in real time to mobile money accounts in Africa, Asia and Latin America. Sending mobile money across borders
becomes as simple as sending a text message. The user’s mobile phone number
effectively becomes a bank account number, which they can use to make and
receive payments quickly, easily and securely through mobile money transactions
TransferTo’s Mobile Money platform provides a
dedicated, scalable and fully compliant solution for Financial Institutions and
Mobile Operators to connect to millions of mobile money accounts worldwide with
a single connection. The platform is regulated in the UK and fully compliant with US
and EU regulations rules.
Eric Barbier, CEO, TransferTo will demonstrate
the Mobile Money platform at Finovate Fall in New York today. Commenting
on the launch, Eric said:
TransferTo, our goal is to connect every Mobile Money service so that people
all over the world can send and receive money quickly and affordably. With the
launch of our Mobile Money platform, we’re answering a very real need in developing countries for
mobile money remittance services. Giving consumers more control over how, when,
and where they access funds is a critical step towards greater financial
inclusion worldwide. For consumers in developing markets, it’s not only game
changing, it is truly life changing.”
TransferTo has over a decade of experience
working with mobile operators worldwide, and has partnered with more than 400
mobile operators, including Vodafone, Airtel, Telefonica and MTN, and over 100
financial institutions, including PayPal, Western Union, WorldRemit and Xoom.
Money platform complements its existing Mobile Airtime Top-Up and Mobile Goods
and Services hubs. By the end of 2015, TransferTo is on track to
enable over 50 million transactions globally.
helps businesses offer mobile money, goods and services, and airtime top-ups
around the world in real time. Our global mobile remittances hub provides an
essential combination of services and technology to leading mobile
telecommunication companies and money transfer operators, including Vodafone,
Orange, Sprint, Western Union, PayPal and Xoom.
of companies in over 100 countries depend on TransferTo to provide mobile
financial transactions to their customers without the need for a bank account.
TransferTo’s clients are companies whose consumer base consists largely of
foreign workers connecting with family and friends back home.
in 2005, TransferTo currently links +4.5B mobile users across more than 400
mobile operators. Its investors include Ingenico.
Matt Watson / Megan Mason