October 2020
mHITs, 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 M-Tala Samoa.
This reaffirms Rocket Remits position as the leader in mobile remittance or mobile money transfer from Australia to the Pacific Islands with the largest coverage of mobile money to Pacific countries.
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 M-Tala Samoa.
The Rocket Remit mobile remittance service to Samoa now allows any Vodafone Samoa subscriber to receive funds instantly from Australia via Vodafone M-Tala mobile money. With around 20% of GDP in Samoa coming from inward remittances, the Rocket Remit service represents a financial lifeline for people in Samoa and for the many Samoan diaspora living in Australia.
During COVID-19, the reliance on inward remittance to the Pacific Islands is expected to increase due to the lack of domestic income from tourism in these markets. To assist with the COVID-19 recovery, the Rocket Remit service to Vodafone M-Tala Samoa will incur zero sending fees until the end of November 2020.
Rocket Remit provides the world’s fastest and simplest way to send money requiring 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 people rely on money sent from relatives and friends overseas. For the first time in Australia, Rocket Remit provides an option of fast, low cost money transfer to Mexico.
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.
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