Mobile Money Transfer

Mobile and related services are capturing all the headlines these days. We can see new ways of using our mobiles in various fields. One of them is Mobile Money Transfer (MMT). Recently held seminar (http://www.mobileworldcongress.com/mobile_money_transfer.htm) also talked about it. As the name suggest the mobile will be used for money transfer from one part of the world to another part. MMT is seen to be rival of Western Union money transfer service. As per Sunil Mittal, the chairman of Bharti Airtel, reckons that MMT is going to be the next big thing after SMS.

Till last year Western Union money transfer was charging US $24 on transferring US $98 i.e. 24% of the transfer sum. Vodafone initially planned for US $6 for the same amount. It is a massive difference. The business opportunities are huge. Currently US $206 bn is sent by transferred by migrant workers worldwide.

In India, Reliance Communication has launched (http://www.livemint.com/2007/09/06140353/Reliance-Communications-launch.html) its mobile money transfer facility last year on 6 September 2007. Airtel has also follow suit (http://www.contentsutra.com/entry/419-airtel-partners-with-mchek-launches-national-mobile-money-transfer/) the same.