Introduction

MMT (Mobile Money Transfer) implementation for world's one of the top telecommunication operator was an interesting experience. I never imagined what else we could do with our mobile phones than just talking and texting. I saw people standing in Queue to transfer money to their home countries. MMT makes remittance so easy and also it’s so fast and secure. Estimates say that worlds remittance market is more than 400$ billion per year globally. Imagine if even MMT captures 25% of it then it would be around 100$ billion per year!

Traditional remittance channels are through Exchange Houses and Banks. Banks are struggling to capture this market instead they are just supporting Foreign exchange houses for remittances. Exchanges companies earn their revenues from the transaction fees and the forex exchange rates. So it’s very lucrative business for them. Due to the growing competition in Mobile Industry, telecommunication companies are thinking out of box to diversify their operation in order to add more revenue sources. Apart from value added services the Mobile Money Transfer is one promising business where telecoms can get their share in remittance market. Already few leading telecom companies have started their MMT operations and few are about to launch this service.

Mobile Money Transfer can be done as P2P(Person To Person), Mobile to Bank Account/DD/Cash Pay Out etc. In P2P case you can transfer money from one mobile to another and other way is to transfer money from your mobile to your beneficiary bank account or Sending Demon Draft your beneficiary or Sending Cash Payout through the agents like Western Union.

My blog is a place to write and discuss whatever possible articles related to the Mobile Money Transfer business. The articles I write here do not represent my employer or any organization in particular. The references for my article will be given at the end of every post. I would like to write on the MMT business, technical implementation, challenges, MMT events worldwide, solutions, vendors and anything else related to MMT!

I welcome your suggestions to make this blog a best blog on Mobile Money Transfer.