BLAINE, Wash., May 13, 2015 (GLOBE NEWSWIRE) -- Mobetize Corp. (OTCBB:MPAY) is targeting customers of Western Union, MoneyGram and other Money Transmitter Operators (MTO's) by enabling mobile and telecom operators to now offer an alternative low cost money remittance service. Mobetize has completed its contracts, technology integrations and compliance globally to incorporate the international remittance solutions and their networks with other financial services to be offered by existing and new telecom distribution partners. This offering is a key driver for our telecom operator partners to launch mobile money solutions and mobile wallets for their millions of current subscribers.
Mobetize is simplifying and making digital the money transfer process for Telecom customers in the US and Canada who regularly send money to their family members in places like Mexico, Philippines and India. Telecom subscribers can now easily transfer funds securely via proven Money Remittance networks that operate in 150 countries, using 185,000 agent locations and connections with more than 600 banks to deliver funds.
The Mobetize vision is to be the go-to solution for telecom operators for mobile money services via its unique financial services aggregation platform. Unlike most MTO's and financial service providers, the Mobetize team has a unique mix of telecom billing, payments and financial services experts. Mobetize allows its telecom operators to brand the service and pick and choose the financial services they want to offer to their customer base. The mobile money solution can be launched to customers through (APIs) application program interface, or as a stand-alone system.
Ajay Hans, CEO, Mobetize Corp., stated, "The ability to deliver money transfer remittances with global payout channels using the smartphone and online is a major milestone for Mobetize. This combined with our other financial services offerings will be the most compelling solution for telecom operators to launch mobile money services from a single platform. We see a huge opportunity from the rapid shift of bricks and mortar style remittances to online and mobile and we plan to be a disruptive force."
The remittance market is an enormous business within Financial Services. The World Bank estimates by 2016 over $700 Billion will be sent overseas by family and friends and about $100 Billion is now sent just from the U.S. and Canada annually. The core focus of Mobetize has been to ensure it has the technology, compliance and geographic footprint to enable the cash payout capabilities needed. This has been the strength of both Western Union and MoneyGram alike within their networks. Mobetize is now well positioned to offer their network to the telecom operators and messaging apps like Facebook (Whatsapp), Skype and others who are uniquely positioned to participate in leveraging this lucrative and disruptive technology model.
About Mobetize Corp.
Mobetize Corp. (OTCQB:MPAY) is a mobile financial services (MFS) aggregation platform enabling telecom companies and financial services providers to immediately launch financial services that complement their existing products and customer demographics. Mobetize is the next wave of growth for the telecom and virtual financial services industry to differentiate and increase revenues, loyalty and reduce churn.
Mobetize "white labels" & integrates mobile financial service offerings for its clients. Mobetize provides telecom operators and financial service providers with a secure mobile money platform. Mobetize is accredited and connected into the Visa and MC networks to launch custom programs with retail and online/mobile payments, global ATM access for cash out and P2P money transfers. Our bill payment network in the US includes 14,000 billers and is connected to all major utilities, telecoms, cable companies and more. Our prepaid air-time offering is connected to 350 global carriers and our global remittance partnership network is in 150 countries with nearly 185,000 payout locations.
For more information, please visit the Company website at http://www.mobetize.com.