HomeSend Launches Remittance Service with TransferGalaxy
HomeSend, the international payment and money transfer hub, today announced the launch of remittance services forTransferGalaxy, a Swedish-based, online MTO (money transfer organisation) enabling money transfers to mobile wallets in 14 countries.
A joint venture between MasterCard, eServGlobal and BICS, HomeSend bridges the gap between various entities globally such as financial institutions, non-financial entities and mobile network operators. Through a connection to HomeSend, TransferGalaxy users will be able to send money transfers to multiple mobile wallet destinations worldwide. The service is now live with initial corridors to the Philippines, Kenya and Somaliland. Further corridors will roll out in coming weeks to Armenia,Burkina Faso, Fiji, Ghana, Ivory Coast, Indonesia, Nepal, Nigeria, Sri Lanka and Tanzania.
"At TransferGalaxy, our objective is to provide our users with an easy, fast and secure service which lets them get more of their money to the people they love," said Mr Yosef Mohamed, Co-Founder & CEO, TransferGalaxy, "We are proud to be working with HomeSend to launch these services. HomeSend's extensive coverage allows us to reach more countries where cost-effective money transfer is so integral to the daily lives of our customers."
TransferGalaxy will connect to mobile wallets in countries with significant diaspora and where there is a demand for cost-effective, safe remittance services. According to the World Bank, in 2014, migrants living abroad sent an estimated total remittance of over USD75bn to their friends and family in the 13 receiving countries* serviced by TransferGalaxy.
To send money by TransferGalaxy, users can access the service either through the website or an app which can be downloaded. Money can be sent from any type of debit or credit card and received directly onto the mobile wallet of the recipient. The recipient does not need to have a bank account or card.
The money transfer process is straightforward for the end-users. For example, a Filippino migrant who is working in Sweden (or any of the 22 European countries where TransferGalaxy is available), can easily go to the TransferGalaxy website, enter his card details to send money back to his mother in the Philippines. She will receive an SMS notification to say she has received money. She can then use the funds in her mobile wallet to buy goods (eg food, clothes), pay bills (eg water, electricity, school fees) or go to her local agent to withdraw the cash.
The process is instant, safe and more cost-effective that traditional money transfer organisations.
*figures not available for Somaliland.
Stephen Doyle, CEO, HomeSend, said, "HomeSend is pleased to welcome TransferGalaxy to the hub. We have made significant strides towards our goal of building the most extensive network of money transfer providers on the planet. As more and more of these corridors go live, HomeSend will play a crucial role in extending cost-effective money transfer services to those most in need. "
HomeSend enables consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets regardless of their location or that of the recipient.
TransferGalaxy is an online mobile money transfer service that enables you to send money to your loved ones through our website or app from 22 send countries to 14 receive countries. The recipients can receive money through their mobile wallet.
HomeSend is a joint venture created by MasterCard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection. It builds on the successful deployment of mobile enabled person-to-person transfers in emerging markets and the digitalization of money transfer services. The HomeSend service innovatively bridges the gap between finance and telecommunication service providers and enables consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets - regardless of their location or that of the recipient.