Brussels, 4 November 2015
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 . There are at least 780,000 Armenians working abroad ; 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.
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.”
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.
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.”
World Bank – Annual Remittances Data 2014. http://data.worldbank.org/indicator/
World Bank – Bilateral Migration Matrix 2013. http://siteresources.worldbank.org/INTPROSPECTS/
World Bank – Global Findex Database 2014. http://datatopics.worldbank.org/financialinclusion/country/armenia
ARKA Telecom – Mobile Subscribers 2014. http://telecom.arka.am/en/news/