HomeSend, a joint venture between MasterCard, eServGlobal and BICS, has launched remittance services to MobiDram, an Armenian mobile financial service provider and subsidiary of Vivacell-MTS, Armenia.
The first sending partners to connect to MobiDram via HomeSend are money transfer firms WorldRemit and Skrill.
HomeSend allows sending parties to connect to mobile wallets in countries with significant diaspora and where there is a demand for cost-effective, safe remittance services.
According to the World Bank, remittances contributed more than $2bn to Armenia’s economy in 2014, equivalent to almost 20% of it GDP.
HomeSend CEO Stephen Doyle said: "We are pleased to share this good news which reinforces the integral role that HomeSend plays in connecting some of the largest players in the money transfer market today. We are proud to be the technology solution powering low-cost, instant money transfer services to users worldwide."
MobiDram general manager Kim Avanesyan said: "Our mission at MobiDram is to connect our users to the latest innovations in mobile money. We are always looking for ways to enrich our mobile wallets with new life-improving features. A single connection to HomeSend allows our users to receive money transfers from their loved ones around the world direct to their MobiDram mobile wallet."
Through a connection to the HomeSend hub, service providers can enable their 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.