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LOI TO CREATE JV FOR MOBILE PAYMENT SERVICES IN MENA
Net Element has announced a binding letter of intent to create a joint venture with Paystar and Nexcharge to provide mobile money transfer and a comprehensive remittance and an e-wallet platform for emerging markets as well as a proprietary payment processing, fraud management and merchant management platform.
The main product provided by this joint venture is a service to allow the unbanked to send money to other countries with only a mobile phone, an email address, and a government ID for competitively low prices. This is targeted primarily at migrant workers seeking to send money home. Paystar’s technology allows users to transfer from their payroll cards or eWallets to a global network of beneficiary banks, via SMS or the Paystar Mobile App.
Paystar’s pricing can be as low as $8.17 per transaction. According to its web site, Paystar serves Egypt, Ethiopia, Sudan, Kenya, India, Pakistan, Indonesia, Philippines, Vietnam, UAE, Jordan, Lebanon, Syria, and Yemen. Paystar aims to expand its mobile payroll and remittance services throughout the Middle East, starting with Qatar, United Arab Emirates ("UAE"), Oman, and Saudi Arabia.
SOURCE:ZACKS
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