HomeSend, a joint venture between MasterCard (NYSE:MA), eServGlobal (LSE: ESG.L, ASX:ESV.AX), and BICS, today announced an agreement with Indosat to make remittance services available to the company's 60 million subscribers in Indonesia.
Through Indosat's Dompetku Mobile Money platform, users can safely send and receive funds across Indonesia's largest mobile money network. HomeSend will also be the first international remittance provider to give users access to Dompetku's 24,000 locations.
"The ability to quickly send funds and conveniently receive them is critical to a successful remittance program," said Stephen Doyle, CEO, HomeSend. "We're incredibly proud that our relationship with Indosat will enable consumers throughout Indonesia with access to the remittances payments backed by the country's largest network of locations."
The HomeSend service 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. The International Fund of Agricultural Development (IFAD), a specialized agency of the United Nations, estimates that 6.5M Indonesians will send funds to family or friends back home in 2014. The World Bank estimates that in total, $7.5B in remittance payments will be made into Indonesia this year.
"Providing financial support for families and friends is enough of a responsibility. Workers shouldn't need to worry about whether or not those funds reach their intended recipient," said Alexander Rusli, CEO of PT. Indosat Tbk. "With the reach of the Dompetku network and the reliability of HomeSend, Indosat users can be sure their hard-earned wages are received quickly and easily."