A PR from Ericsson send us an information that Ericsson Money (www.ericssonmoney.com) is launching a remittance service in the Philippines using mobile system. Ericsson is in partnership with Globe Telecom and Smart Communications Inc. (Smart) enabling mobile phone users in the Philippines to send and receive money to and from friends and family in Europe instantly, safely and conveniently.
Here are some highlights of their Press Release
Ericsson Money Services launches cross border international remittance service in Europe and Philippines
- Next step in bringing a full suite of convenient, cost-efficient, secure and instant mobile financial services to consumers globally
- The new international remittance service connects with local partners Globe Telecom (GCash) and SMART Communications (Smart Money) e-wallet schemes
- Cross border money transfers to family and friends will now become more like mobile communication as connected mobile money services become available to and from seven European countries and the Philippines
- Overseas workers in Europe sending and receiving money to and from un-banked friends and family in the Philippines will be offered peace of mind through 24/7 safe access to their money making it as easy and instant to send as a text through their mobile phones
- Ericsson Money adds new ‘Invite Friends’ function in Europe as an easy way for families, ‘social sharers’, cash-only consumers and non-domestic workers to invite contacts to join Ericsson Money
The service will give an easy access to Filipinos in sending money to their love one in the Philippines. The advantage of using the mobile phone is that a user has full control on when they want to send their remittance. For me who works here in Saudi Arabia, I am sending money to my account in Philippines through local agent and then I am distributing my remittance to different account by using local bank transfer. I think sending it through a mobile phones which we carry everyday is a better solution rather than going to PC and transferring the amount.
When I check the site today, Philippines is not yet included in their dropdown list but I believe soon they will update the site to incorporate Philippines in their list.
I think it is a wise decision to partner with two giants of telecommunication industry in Philippines. Globe Telecom (Globe GCash) and SMART Communications Inc (Smart Money), both have long established successful mobile-wallet schemes. This international mobile money development is made possible through Ericsson Money Interconnect – a network designed to connect multi-branded e-wallets around the world. By the end of 2012 it is likely that hundreds of mobile wallets will be launched around the world.
Check their Full Press Release here