Mobile payment service mHITs Remit reduces fees on money transfer between Australia and the Philippines
The new fee structure means the mHITs Remit service provides one of the lowest rates for remittance in the market allowing a 1st time transfer fee from as little as 50 cents
Canberra: 13 September 2012
mHITs (pronounced Em-HITS), a pioneering developer and operator of mobile payment services, has announced that it’s Australian SMS mobile wallet service has reduced fees on money transfer services between Australia and the Philippines.
The new fee structure means the mHITs Remit service provides one of the lowest rates for remittance in the market allowing a 1st time transfer fee from as little as 50 cents*.
The mHITs Remit micro-remittance service allows Australians to send money safely and conveniently to partner mobile wallet operators in other countries simply by sending an SMS including GLOBE GCASH and SMART Money in the Philippines. Unlike traditional international remittance methods, the mHITs Remit service provides very low fees and instantaneous transfer of funds directly to a recipients mobile wallet 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 do not need to travel to or locate a transfer agent to access their funds. Recipients automatically receive an SMS notification as soon as funds are credited to their mobile wallet. The Recipient can access the funds instantly and securely from their mobile wallet directly or depending upon their region, may also withdraw funds in cash via an agent or ATM.
mHITs is one of the first mobile wallet operators to provide a micro-remittance service in the world. People living in Australia can send money instantly and conveniently by mobile phone to their relatives and friends living in the Philippines by having funds credited immediately to their GLOBE GCASH or SMART Money 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.
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 Remit service see www.mhits.com.au/send-money.
* effective fee assuming an AUD 50.00 remittance with $5 sign-on bonus used to offset $5 fixed fee
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.
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.
mHITs is also working in emerging markets in the design, deployment and operation of mobile payment solutions for the so called “unbanked” (people who do not have access to traditional banking services).
Use of the mobile phone as a payment device is acknowledged as a logical payment solution for the unbanked as people in developing countries often lack the formal identity requirements that traditional banking services require such as a birth certificate, formal address or regular employment or income. The lack of bank branches, limited number of ATM’s, limited access to the Internet and the general low level of financial literacy in developing countries are contrasted by the large-scale uptake of mobile phones in these same markets.
For more details visit www.mhitslimited.com.