19 January 2018
visit www.ebaday.com

MasterCard takes controlling interest in remittances joint venture

19 December 2013  |  6040 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  |  5380 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  |  9511 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  |  8488 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  |  4256 views  |  0 comments
Sibos targets remittance failings

Sibos targets remittance failings

16 September 2009  |  5192 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.ebaday.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11304 views comments | 32 tweets | 38 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10357 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9964 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9424 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8518 views comments | 8 tweets | 6 linkedin

Featured job

Competitive
Germany, Austria or Switzerland

Find your next job