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mobile international remittance launched

mobile international remittance launched

March 2012

mHITs has announced that it’s Australian SMS mobile wallet service has launched it’s first international remittance corridor the to the Philippines (Globe G-Cash) with more corridors to be announced soon.

 View full media release

The mHITs Remit micro-remittance service allows Australian mHITs account holders to safely and conveniently send money to counterpart mobile wallet operators in other countries.  Unlike traditional international remittance methods, the mHITs Remit service provides instantaneous transfer of funds directly to a recipients mobile wallet account.  It does not require a transfer agent or bank.

Senders can conveniently perform a transaction from their mobile phone at any time.  Recipients do not need a bank account, do not need to wait for the funds to arrive or do not need to travel to or locate a transfer agent to access their funds.  The Recipient can access the funds instantly and securely from their mobile wallet directly or depending upon the region may withdraw funds in cash.

mHITs will be one of the first mobile wallet operators in the western world to provide this service.  For the first time, people living in Australia will be able to send money instantly and conveniently by mobile phone to their relatives and friends living abroad by having funds credited immediately to their mobile wallet account.  In some developing markets, families and communities rely on money sent by relatives abroad to pay for essentials such as food, clothing and medicines.

For more information on the mHITs Remit service see www.mhits.com.au/send-money.


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.


about mHITs

mHITs (pronounced Em-HITS) is an Australian based developer and operator of mobile payment services.  In Australia, mHITs operates the mHITs SMS payment service that allows consumers to send and receive payments by SMS text message.

For retail transactions, mHITs allows consumers to pay for coffee or other food and beverage items using their mobile phone simply by sending an SMS. Consumers can also use the mHITs service to pre-order their items before arrival at a venue, meaning less queuing and waiting and faster service.

mHITs is also an ideal payment method for purchase of mobile content, MP3 and other electronic and digital downloads, or for making purchases for goods and services from Internet websites. Other applications include cashless vending, web based micro-billing, parking, taxi fare payment, charity donations and cash back offers.

For more details of the mHITs Australian SMS payment service visit www.mhits.com.au.