HomeSend Enables Mobile Money Transfers to MobiDram, Armenia

Nov 04, 2015, 07:26 ET from HomeSend

BRUSSELS, November 4, 2015 /PRNewswire/ --

New remittance corridors provide quick, low-cost money transfer options to Armenia

HomeSend, the international payment and money transfer hub, today announced the launch of remittance services to MobiDram, an Armenian mobile financial service provider and subsidiary of Vivacell-MTS, Armenia.

HomeSend, a joint venture between MasterCard, eServGlobal and BICS, is changing the way money moves around the world by bridging the gap between financial institutions, non-financial entities and mobile network operators.

The first sending partners to connect to MobiDram via HomeSend are money transfer organisations, WorldRemit and Skrill with more partners to connect in the near future. The remittance corridors are now live, offering a quick, convenient and low-cost way for people to send money direct to the MobiDram mobile wallets of their loved ones in Armenia.

HomeSend allows sending parties, such as money transfer organisations, 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 US$2bn to Armenia's economy in 2014, equivalent to almost 20% of it GDP[1]. There are at least 780,000 Armenians working abroad[2]; the total number of Armenians in the diaspora is thought to be larger than the country's population.

With 82% of Armenia's adult population without a bank account, mobile financial services, such as MobiDram, hold great potential for the 3.3 million mobile subscribers in the country, especially those who are recipients of remittances.[3] [4]

Kim Avanesyan, General Manager, MobiDram, 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."

Stephen Doyle, CEO, HomeSend, 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."

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.

About MobiDram  

MobiDram started its operations in several VivaCell-MTS branches providing the services such as utility payments collection, bank transfers, international transfers, etc. With MobiDram, you enjoy the freedom of managing your time when you settle your bills, or transfer funds, while you are sipping your coffee, sitting up in your office or stretching out on your favourite sofa. MobiDram payment system is a mobile and online financial solution on the Armenian market that gives opportunity to make easy and fast money transactions anywhere, anytime. With MobiDram users and get transactions done instantaneously: regularly send and get funds, pay bills 24/7  via your mobile or online. MobiDram is absolutely secure and amazingly fast.

About HomeSend 

HomeSend is a joint venture created by MasterCard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection. It builds on the successful deployment of mobile enabled person-to-person transfers in emerging markets and the digitalization of money transfer services. The HomeSend service innovatively bridges the gap between finance and telecommunication service providers and enables 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.

*figures not available for Somaliland

[1] World Bank - Annual Remittances Data 2014.  http://data.worldbank.org/indicator/

[2] World Bank - Bilateral Migration Matrix 2013. http://siteresources.worldbank.org/INTPROSPECTS/

[3] World Bank - Global Findex Database 2014. http://datatopics.worldbank.org/financialinclusion/country/armenia

[4] ARKA Telecom - Mobile Subscribers 2014. http://telecom.arka.am/en/news/

SOURCE HomeSend