Eurogiro, TransferTo Partner to Expand Mobile Money
Members of global payments network Eurogiro are now able to transfer funds to mobile money and bank accounts through a partnership with B2B mobile payment network TransferTo, the companies announced Oct. 3. Through TransferTo’s payments network, Eurogiro’s network members can expand their service offerings by providing mobile payments and, for example, accept remittances at a post office in one country and transfer the funds to a recipient’s mobile wallet in another country. Eurogiro’s members include more than 60 post offices, banks and other financial institutions that reach more than 500,000 branches and 4 billion people in more than 50 countries, according to the company. The deal also enables TransferTo partners to send money to Eurogiro members globally.
“Post offices and banks globally are a major channel for money transfer,” said TransferTo CEO Eric Barbier. “Eurogiro’s wide distribution of urban and rural member branches will provide flexibility to consumers to use physical outlets, cash and mobile money in the manner that they are most comfortable with.”
With more than 270 services in 93 countries, mobile money is available in 85 percent of markets where less than 20 percent of the population have a traditional bank account, according to a GSMA report released earlier this year. Overall, there were more than 134 million active mobile money accounts at the end of 2015.