MasterCard Expands Mobile Money Transfer Capabilities
Published on: 19th Dec 2013
By: Ian Mansfield
MasterCard is acquiring a majority stake in HomeSend a mobile money joint venture set up by eServGlobal and BICS.
The HomeSend platform was first to market in offering international mobile remittances and now has live deployments in 50 countries.
MasterCard will tie the service into its own chain of credit card processors to offer new options and flexibility for sending or receiving funds and enable cross border remittance payments worldwide.
"HomeSend will provide an important platform to deliver improved remittance services, and bring person-to-person transfer capabilities to more financially underserved consumers around the globe," stated Ed McLaughlin, Chief Emerging Payments Officer at MasterCard. "MasterCard, eServGlobal and BICS each brings its own unique contribution to the newly formed entity. Collectively, we have an opportunity to improve people's lives."
MasterCard will own a controlling share of the HomeSend JV. Financial terms were not disclosed.