GSMA, Western Union to enable money transfers via cellphone

Posted by Wolfgang Gruener

The GSM Association (GSMA) and Western Union announced that they have begun development of a global money transfer service, which is expected to be supported by 35 of the world’s more than 700 GSM carriers.
 
First commercial services based on the “Mobile Wallet” technology are expected to be rolled out in the second quarter of next year: According to the GSMA cellphone users will be able to send other users “small money amounts” to another via cellphone nationally and internationally.  

Western Union claims that it has covered about 17% of all worldwide money transfers in 2006 and intends to connect its existing transfer system with about 312,000 locations to the new mobile technology.