Mobile money transfer services launched.
The Guardian (Money section, p.8, 17 Feb 2007) report that Vodafone and Citigroup have launched a mobile money transfer system. Money senders can used credit cards to initiate a payment to a person on-line, and the recipient receives a text message they can take to a local currency office to pick up the cash. "A Safaricom pilot that allows people to send payments by mobile within Kenya has proved hugely popular in a country where few people have bank accounts or plastic money. A global rollout will be targeted mainly at migrant workers, but it should also be useful to Britons sending money abroad, such as parents transferring funds to children on gap year travels."
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