20 April 2018

MasterCard takes controlling interest in remittances joint venture

19 December 2013  |  6146 views  |  0 $100

MasterCard has taken a controlling stake in the HomeSend mobile cross-border remittance service offered by eServGlobal and Bics.

HomeSend has live deployments in 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs) that represent more than 1.2 billion subscribers - the equivalent of one in seven of the world's population - and 200,000 cash agents respectively.

By connecting the worldwide community of telecom partners and MTOs to the more than 24,000 financial institutions on the MasterCard network, HomeSend will add payment cards and bank outlets to the mix, providing users with a host of new options for sending or receiving funds.

According to World Bank estimates, remittances to developing countries will reach around $515 billion by 2015.

AIM-listed eServGlobal will have a 35% share of the new joint venture and receive A$9m in cash.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Xoom rides remittance wave to IPO

Xoom rides remittance wave to IPO

15 February 2013  |  5455 views  |  0 comments | 4 tweets | 2 linkedin
World Bank calls for payments deregulation to boost remittance flows

World Bank calls for payments deregulation to boost remittance flows

23 November 2012  |  9597 views  |  2 comments | 17 tweets | 6 linkedin
Vodafone to expand M-Pesa remittance services to 35 countries

Vodafone to expand M-Pesa remittance services to 35 countries

23 October 2012  |  8539 views  |  1 comments | 8 tweets | 6 linkedin
M-Via goes Boom with $17 million financing round

M-Via goes Boom with $17 million financing round

18 July 2012  |  4300 views  |  0 comments
Sibos targets remittance failings

Sibos targets remittance failings

16 September 2009  |  5287 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://aciworldwide.webex.com

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9616 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8784 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8370 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8321 views comments | 18 tweets | 23 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7931 views comments | 9 tweets | 10 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job