TransferTo, a global B2B Cross-Border Mobile Payments Network, announced it has endorsed the GSMA’s ‘Guidelines on International Remittances through Mobile Money’, which aim to ensure international remittances are performed in a safe and responsible manner.
Mobile money has transformed the global payments industry, changing the way we transact and send money, especially across the emerging markets. In fact, by the end of 2016, the number of mobile money accounts had surpassed half a billion (566 million).1 For both senders and receivers, mobile money brings along a number of benefits including lower transfer fees, promoting greater transaction transparency and advancing financial inclusion. However, as the industry is still maturing, there are a number challenges we still need to overcome - including a lack of enabling regulations, an increasing flow of new digital players, and slower consumer adoption.
The ultimate goal of these guidelines is to help facilitate a positive dialogue between the private sector and Regulators on the need to enable the use of mobile money for international money transfers. The aim is to expand the number of international corridors using formal transfer channels, and achieve both technical and cost efficiency in the process.
Eric Barbier, President at TransferTo, said, “TransferTo is very proud to have collaborated with the GSMA to define a clear set of guidelines for international money transfers. As a company, we are very committed to making sure we are fully compliant with all industry regulations to ensure the safety of both our partners and their customers. Hopefully through these guidelines we can all work together to achieve best practice across the industry and make international money transfers more accessible and affordable for all.”
Nathan Naidoo, Interim Head of Mobile Money at the GSMA, added, “These Guidelines illustrate how the mobile money industry and its partners are working together to ensure that international transfers conducted through mobile money are facilitated in a safe and secure manner. They represent an important first step for continued public-private collaboration to scale mobile money-enabled international remittances, working together to offer better remittance solutions to migrants and their families.”
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