MasterCard JV Partners with Sri Lanka’s Largest Telco on Mobile Remittances (July 16, 2015)
Sri Lanka’s largest telco, Dialog Axiata, is partnering with MasterCard joint venture HomeSend to enable mobile remittances to the country, which represents a US$7.2 billion money transfer market.
HomeSend is a joint venture between MasterCard, mobile and financial service provider eServGlobal and BICS, a global wholesale carrier for voice and mobile data services. HomeSend builds on MasterCard Send, launched in May, which enables the rapid transfer of funds by businesses, merchants, governments, nonprofits and card issuers to consumers via debit network rails. .
HomeSend’s hub enables remittance services globally to eZ Cash accounts. eZ Cash enables consumers to perform financial transactions using their Dialog, Etisalat and Hutch mobile phones. Nearly 14 million mobile phone customers will be able to receive money globally through access to Dialog Axiata’s approximately16,000 eZ Cash terminals across Sri Lanka, according to an announcement. Money transfer companies WorldRemit, mHits, Azimo, PostFinance and Lycaremit will be the first partners to launch services with eZ Cash, with other partners scheduled for launch in coming months.