TransferTo, a cross-border B2B mobile payments network, has partnered with digital payment company Wirecard to offer a white-label mobile-to-mobile remittance service.
The service will allow mobile money operators from developing countries to launch their own branded solution in Europe without creating formal business operations there.
“This solution allows the migrant diaspora in Europe to send money home that is as simple as sending a text message, and provides them the convenience of an immediate mobile-to-mobile transaction,” the companies said in a statement.
“Received funds are secured in the Mobile Money Account of the beneficiaries and can then be cashed out at any agent or used on the same phone to pay bills and merchants,” the statement added.
TransferTo CEO Eric Barbier said: "This is the quickest way for our Mobile Money partners to launch their brands into Europe and serve both the migrant workers sending money home and their families receiving it.
“We're extremely pleased to be helping Mobile Money Operators harness new avenues to reach customers across borders and deliver a fully branded experience to grow their business."
Wirecard CEO Markus Braun said: "We partnered with TransferTo for their extensive network reach across hundreds of Mobile Money Operators and their expertise in the emerging markets. Operators choosing to launch their own branded solution in Europe will have the ease of Wirecard providing the end-to-end payment solution with all requisite licenses in Europe, magnified with the strength of TransferTo's cross-border mobile payments network.”