October 2021
mHITs (pronounced Em-HITS), the leading Australian FinTech mobile remittance pioneer, announces its Australian mobile remittance service Rocket Remit has expanded its mobile money transfer service to include Vodafone E-Moni in the Cook Islands.
This affirms Rocket Remits leading position in mobile remittance from Australia to the Pacific Islands with coverage to over six Pacific Islands markets. For individuals needing to send money to family in the Cook Islands, they can now use Rocket Remit to transfer money directly into their Vodafone E-Moni mobile money account in seconds. Rocket Remit is the first service in the world to provide inward remittance to the Vodafone E-Moni service in the Cook Islands.
“Rocket Remit specialises in international money transfer via mobile money making it the world’s fastest and simplest way for sending money from Australia to emerging markets overseas” says mHITs CEO Harold Dimpel. “Money transfer is instantaneous with funds directly credited to the recipient’s mobile money account without requiring a transfer agent or bank. No other transfer method or payment technology including crypto currencies can achieve this level of transaction speed and convenience” he continues.
Rocket Remit requires only the mobile number of the recipient to address the payment. Recipients receive funds instantly and automatically receive an SMS notification as funds are immediately credited to their mobile money account in their local currency. The recipient can access the funds instantly and securely from their mobile money account directly or depending upon their region, may also withdraw funds in cash via an agent or ATM.
Known also as digital remittance, mobile money transfer also offers the lowest cost method for sending money to emerging markets where economies rely on money sent from relatives and friends working overseas.
For more information on the Rocket Remit service visit www.rocketremit.com.
about mobile international remittance
Remittance is the hidden force in global economics with over US$640 billion sent globally per year. By comparison, global foreign aid is approximately US$135 billion (approximately one fifth).
Banks and money transfer operators have traditionally dominated international remittance with the majority of funds sent to developing countries. However, with the introduction of mobile phone technology and the introduction of mobile money systems in these same markets, a new alternative now exists for funds to be sent directly to a recipient via a mobile money system using their mobile number as an account number. Mobile money is simpler, more secure, more efficient, provides instantaneous transfer of funds, and because the transaction is independent of the banking system, is less than half the cost of traditional money transfer.
Mobile money systems also for the first time provide the ability for funds to be sent to regions of the world where previously money transfer was impossible because of the absence of banks or money transfer operators. Mobile technology significantly lowers the cost of remittances as it removes the need for physical points of presence. The World Bank estimates that reducing remittance commission charges by 2-5% could increase the flow of formal remittances by 50-70%. The mHITs Rocket Remit mobile remittance service is helping to achieve this goal. Reducing the cost of sending each individual remittance encourages the delivery of lower value remittances, at values far less than today’s average transfer of US$200. Lower sending costs also encourage use of mobile remittance over unregulated informal remittance services. The GSMA forecasts that the formal global remittance market could increase to over US$1 trillion in five years with the help of mobile communications.
For more information visit www.gsma.com.
about Vodafone Cook Islands
Vodafone Cook Islands is the leading telecommunications services provider in the Cook Islands offering mobile, broadband, fixed line and a range of other telecommunications technology based services across all inhabited islands. The Company also provides these community services on behalf of the Government – Pa Enua services, broadcasting support services, marine radio services and postal services.
For more information visit www.vodafone.co.ck.
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