Western Union To Transfer Money Via Cell Pone
According to AP report, the Western Union is teaming up with cell phone service providers to develop a system that would allow consumers to transfer money from country to country via their mobile phones.
Western Union has successfully tested cell phone money-transfer services in a number of U.S. cities. It will work with the GSM Association, an international trade group of cell phone service providers, on commercial and technical issues to enable services to be offered internationally.
"Mobile money transfers are a key driver in the development of a potentially vast market for financial services delivered via the mobile phone," Rob Conway, the chief executive of GSMA, said in a statement.
The service, expected to be available in a pilot in the second quarter of 2008, will let consumers transfer money from a phone to a Western Union location, from a Western Union location to a phone, or from one phone to another.
(October 19, 2007)
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