MasterCard, eServGlobal and Bics have formed HomeSend, a joint venture that allows consumers to send money to and from mobile money accounts, cards, bank accounts or cash outlets.
HomeSend will use a remittance platform based on technology developed by eServeGlobal and Bics. eServGlobal offers mobile money services covering mobile wallet, m-commerce and agent management features. Bics' Mosaic portfolio powers payment technology for telecommunications companies.
The venture, announced Dec. 18, already has deployments in 50 countries and commercial contracts with mobile network operators and money transfer operators that cover more than 1.2 billion subscribers and 200,000 cash agents. HomeSend also connects to the more than 24,000 financial institutions in MasterCard's network. MasterCard will own a controlling share of the joint venture.
MasterCard separately has a partnership with Western Union to provide a variety of services, including remittance. The card network has additionally partnered with Comviva Technologies, Utiba Mobility and Sybase to extend international remittance.