MasterCard , eServGlobal and BICS announced the successful closing of its joint venture HomeSend. HomeSend will provide an important link between developed and financially underserved emerging markets, particularly for foreign workers in need of an instantaneous and cost-effective solution for funds transfer.
The World Bank estimates that the world’s 232 million international migrants are expect to remit over
US$700 billion annually by 2016.
The company will be led by MasterCard payment solutions expert, Stephen Doyle. HomeSend’s operations will be overseen by a Board comprised of six members, bringing extensive experience from across the telco, payments and financial domains.
HomeSend, which was first launched in 2008 as a strategic partnership by JV members BICS and eServGlobal, has live deployments in 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs) that represent more than 1.2 billion subscribers – the equivalent of one in seven of the world’s population -and 200,000 cash agents respectively.
This community will be connected to the more than 24,000 financial institutions on the MasterCard network, creating one of the most extensive cross-border money transfer networks in the world and providing new levels of
flexibility and choice to consumers in both developed and emerging markets.
