Vodafone and TransferTo Partner to Accelerate Mobile Payments
- Thursday, February 18th, 2016
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Leading global mobile payments hub TransferTo has partnered with the Vodafone Group, signing a framework agreement to enable real-time international money transfers using Vodafones M-Pesa mobile banking accounts.
Powered by TransferTos cross-border Mobile Money network, the global partnership will make it easier and faster for consumers, merchants and organisations to send money to multiple M-Pesa accounts, in real time.
M-Pesa, which primarily operates in Africa and a number of other developing markets, is extraordinarily popular among consumers. In 2014, transactions through M-Pesa in Kenya alone totalled £17bn, comprising of peer-to-peer money transfers as well mobile payments for rent, utilities and to retailers. Thats a quarter of Kenyas gross national product – not so surprising when you consider that the number of subscribers to mobile payments in Kenya is roughly equivalent to the total adult population.
Vodafone launched the first international mobile payments corridor early last year, between Tanzania and Kenya, the two countries where M-Pesa first launched and two of the largest economies in east Africa. The partnership with TransferTo will massively expand this capability.
“We are absolutely thrilled to be partnering with the Vodafone Group to enable more people to benefit from Mobile Money services,” said Eric Barbier, CEO of TransferTo. “Mobile Money has the power to drive greater financial inclusion globally, transforming the lives of the 2bn people who are currently unbanked today.
“By making it faster and easier for consumers to send money to multiple M-Pesa accounts, we are giving M-Pesa users greater freedom to spend and receive money, while accelerating the growth of Mobile Money accounts worldwide.”