Transfer To is a leading cross-border B2B mobile payments network. Wirecard is Europe’s leading specialist for payment processing. The two companies have united to provide a convenient mobile-to-mobile transaction system.
The system allows the migrant diaspora in Europe to send money home. It creates a frictionless experience for migrant workers to send money home.
Mobile money plays a key role in financial inclusion for 2 billion people in developing countries who lack bank accounts and credit cards.
How the Transfer To and Wirecard system works
The mobile transfers are immediate and secure.
Received funds are secured in the Mobile Money Account of the beneficiaries and can then be cashed out at any agent or used on the same phone to pay bills and merchants.
With the digital revolution taking over the world, mobile payments have become the norm and have enabled simple money transfer solutions.
Marcus Braun, CEO at Wirecard says, “We partnered with Transfer To for their extensive network reach across hundreds of Mobile Money Operators and their expertise in the emerging markets. Operators choosing to launch their won branded-solution in Europe will have the ease of Wirecard providing the end-to-end payment solution with all requisite licenses in Europe, magnified with the strength of Transfer To’s cross-border mobile payments network.”
These days there are various options for transferring money. This becomes especially useful for individuals who cannot afford or don’t have a bank account. For many migrants who work in Europe, sending money to family back home can be strenuous, but with the collaboration between Transfer To and Wirecard, the process can help them save on transfer costs.
With more people having access to mobile technology, sending and receiving money using this medium can be much simpler.