BLAINE, Wash., Sept. 4, 2014 (GLOBE NEWSWIRE) -- Mobetize Corp (OTC:MPAY) has signed a memorandum of understanding with iWire Consulting http://www.iwireconsulting.com/ of Dubai, UAE to develop and launch the first mobile money transfer service to be funded via payroll for expatriate workers in UAE.
Until 2009, the bulk of the five plus million foreign workers in the UAE, mostly from India, Pakistan, Sri Lanka, Bangladesh and Philippines, were paid with cash - a normal procedure in most of the Middle East that regional governments are now changing. UAE today has over 8 million people living there from 140 different countries and the international money transfer remittance market in the UAE is very large with foreign workers sending home Dh10 billion (US$2.72bn) each month or over US $32 Billion annually.
Many of these are non-banked foreign workers and consumers, who need better information about their finances, and mobile financial services are well suited to be delivered in UAE. Although these workers and consumers often have insufficient access to financial services, their access to mobile phones is fairly widespread with over 200% mobile penetration and over 70% having smartphones. These facts suggest a very large opportunity exists for financial providers to now effectively serve the previously un banked expatriate population using the mobile channel with new services that they currently all consume in the UAE like international money transfer and prepaid airtime remittance where the workers send family members smaller transfers as gifts of prepaid airtime for their mobile phones.
About iWire Consulting
iWire Consulting has developed GYRE, a Salary Processing and Fund Transfer solution that is fully compliant with the Central Bank of UAE. GYRE is now deployed in 5 locations within the UAE. iWire Consulting also is launching a Cloud based HR & Payroll solution in the market. iWire and Mobetize will be leveraging on this cloud based solution that can be accessible on mobile devices to create a digital hub for expatriate workers for delivery of mobile financial services like international money transfer with other key partners we have already in UAE.
About Mobetize Corp.
Mobetize Corp. (MPAY) is a technology leader in mobile commerce payment solutions. The Company's smart solutions platform empowers its customers to increase ARPU and decrease churn while making unsurpassed improvement to customer retention. Mobetize solutions shift existing e-commerce to mobile with unrivaled simplicity, efficiency and cost-effectiveness.
Mobetize's brand-able platform brings mobile devices secure and easy bill management, payments, global airtime recharge, domestic money transfers, international remittances, point-of-sale functionality and numerous other related technologies enables Telcos to become virtual Banks. Mobetize provides the industry's most complete mobile solutions platform to both telecommunications operators and payment gateways. For more information, visit http://www.mobetize.com.