mHITs Remit Australia
The mHITs Remit micro-remittance service allows people in Australia to send money safely and conveniently to counterpart mobile wallet operators in other countries simply by sending an SMS. The service currently supports mobile remittance to GLOBE GCASH and SMART Money in the Philippines, MTN Mobile Money in Ghana, M-PESA in Kenya and Telesom ZAAD Somaliland.
mHITs is one of the first mobile money operators in the world to provide a person-to-person cross-border mobile micro-remittance service.
Unlike traditional international remittance methods, the mHITs Remit service offers very low fees and instantaneous transfer of funds directly to a recipients mobile money account without requiring a transfer agent or bank. Senders can conveniently perform a transaction from their mobile phone at any time and require only the mobile number of the recipient in order to send money. Recipients do not need a bank account, do not need to wait for the funds to arrive or travel to or locate a transfer agent to access funds. Recipients automatically receive an SMS notification as soon as funds are credited to their mobile money account. The recipient can access 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.
In some emerging markets, families and communities rely on money sent by relatives abroad to pay for essentials such as food, clothing, schools fees and medicines.
For more information on the mHITs Remit service see www.mhits.com.au/send-money.
about mHITs Australia
In Australia, mHITs operates the mHITs mobile payment service that allows users to send and receive payments via SMS text message. mHITs is also working globally to provide simple, ubiquitous mobile payment solutions for the unbanked in emerging markets.
For more information on the mHITs Australia service see www.mhits.com.au.
about mobile international remittance
Mobile technology lowers the cost of remittances as it removes the need for physical points of presence and ensures a timely and secure method of transaction. The World Bank estimates that reducing remittance commission charges by 2-5% could increase the flow of formal remittances by 50-70%. 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.
Mobile communications can also drive significant growth of the formal remittance market and has the potential to vastly improve and transform access to remittance funds for people in developing countries.
The GSMA forecasts that the formal global remittance market could grow from around US$300 billion today to over US$1 trillion in five years with the help of mobile communications. For more information visit www.gsma.com.
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