Telecash subscribers to receive money instantly

Telecel Zimbabwe has announced that it has been granted authority by RBZ to receive incoming international remittances directly into subscribers’ Telecash wallets and will be working with Mukuru to immediately avail the service to its customers.

Plans are also at an advanced stage to include Western Union as a partner.

“Zimbabwe has a huge diaspora community which looks after family and friends locally and this new international remittance licence will have a huge impact on the convenience our Telecash subscribers experience while receiving money from outside our borders,” said Telecel’s Head of Mobile Financial Services, Arthur Matsaudza.

“The licence to receive incoming international remittances has been granted to us following Telecel’s compliance with the strict regulations and requirements that are in place to ensure the security of depositors’ funds and to prevent financial crimes like money laundering,” Mr Matsaudza said.

Already, Telecel and Mukuru have integrated their systems so that diaspora funds can be accessed instantly when they are deposited by the sender. The integration of Telecash and Mukuru systems means that people sending money from across the border can initiate payment from outside Zimbabwe by simply providing a Telecel subscriber’s telecash registered mobile number and the money will be deposited instantly and directly into the receiver’s mobile wallet.

“We urge people to register their Telecel numbers on the Telecash platform to be able to enjoy this instant service,” Arthur Matsaudza said.

Telecel CEO, Mrs Angeline Vere, has confirmed that the mobile operator as part of its long term strategy is looking into using partnerships to increase the convenience of its customers.

“Our vision as Telecel is to leverage on strategic partnerships that help us improve our mobile financial services and products so that our customers can experience innovation and convenience at world class levels. Already we are currently in talks with various international remittance partners with key corridors in SA, Botswana, UK, Australia and the US amongst other potential countries. We are very confident these partnerships will change the overall mobile financial service experience our customers will have on our Telecash platform,” said Mrs Vere.

Mukuru is currently available in South Africa and the UK. Telecel is working on increasing the availability of money transfer services from countries like US, Australia, Canada and Botswana through partnerships with money transfer agents.

“The Telecash community is growing rapidly and we are proud to announce that we have now reached 1 million users. This growth means that our subscribers appreciate the convenience and the affordability that Telecash brings to them. The growth we have experienced, in recent months, is also a result of our continued effort to add new services to the Telecash menu for the added convenience of our customers,” Mr Matsaudza added.

Source: The Zimbabwean

Date: 11/11/2015

Time: 13:00 GMT

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Save money on currency transfers and payments

There are numerous reasons to send money abroad. Aside from the most popular – buying property – many people have to repatriate wages from abroad into pounds, send money or an inheritance sum to loved ones, or even settle bills in other currencies.

Whatever your situation is, using a foreign exchange specialist can provide you with a number of advantages over using your bank. Not only could you save considerable sums of money due to more competitive exchange rates, but the transfer fees are generally lower too. Plus, expert guidance can help you insulate your money from the unpredictable fluctuations of currency markets.

These are all reasons that the Telegraph has partnered with foreign exchange experts moneycorp, to bring our readers the Telegraph International Money Transfer Service. Below we look at a few of the reasons why the financially savvy are using a foreign exchange specialist instead of a bank:

Save money on transfers

Many people still don’t realise that using a bank to transfer money abroad could be costing far more than it needs to. This is because the exchange rates offered by many high street banks are typically 3–4pc more expensive than a foreign exchange specialist like moneycorp. You only need to consider buying a home abroad to realise the impact this could have. On a transfer of £250,000, for example, a poor bank exchange rate could cost you up to £10,000 extra.

Guidance to protect yourse lf from currency market fluctuations

The pound is relatively strong at the moment, which is great news for anybody using sterling abroad. But currency markets are known to be unpredictable, and any number of one-off events – from a political announcement to a piece of bad economic news – could see the pound relinquish its strength in a matter of days, even hours. The good news is that getting personal guidance from one of moneycorp’s specialists can help you to plan for adverse changes in exchange rates, using what is known as a ‘forward contract’. This allows you to fix a rate that you are happy with so that if there is a sudden currency market movement, it does not impact you. This can be particularly useful when buying a property, as a significant movement in exchange rates could end up scuppering your plans entirely.

A convenient online service

In a similar way to online banking, moneycorp enables you to manage your international transfers at the click of a button. This, of course, can be done from anywhere, without the need to rack up costly international call charges from abroad. What’s more, the transfer fees are only £4 when done online (compared to £20-40 for most high street banks).

And like online banking, once you have made a payment, the details are saved so that it is even easier to make a transfer the next time round.

Regular payments

As more and more of us have interests abroad these days, it is likely that some need to make regular payments abroad. It could be transferring pension money to cover expenses on an overseas property, for example, or converting sterling wages into the local currency of wherever you are working. Such recurring international payments can be done using moneycorp’s Regular Payment Plan, which allows you to set up repeat payments at a schedule of your own choice, whether weekly, monthly or even at irregular intervals. You can also fix the exchange rate so that you know exactly how much money is leaving your account each time, and you receive the peace of mind of a more competitive exchange rate on every individual transfer.

Security

These are just some of the reasons that more than 8,000 Telegraph readers have already taken advantage of the service. Last year alone, our partners moneycorp conducted about 9.2 million currency transactions in total.

The company is authorised and regulated by the Financial Conduct Authority for the provision of payment services and customer funds are safeguarded in segregated client accounts.

The Telegraph International Money Transfer Service offers great exchange rates, low fees, expert guidance and a secure service.

Source: The Telegraph

Website: http://www.telegraph.co.uk/financialservices/money-transfer-and-expat

Date: 11/11/2015

Time: 12:48GMT

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Transfer Money2World at a click

Under the liberalised remittance scheme, all resident Indians are allowed to freely remit up to $250,000 in a financial year (April-March) for any permissible current or capital account transaction. While most banks offer this service to their customers, ICICI Bank has recently launched its online product Money2World, claimed to be India’s first fully online service that enables a resident to transfer money online from any bank in India to any overseas bank.

How does it work?

Using ICICI Bank’s Money2World, you can transfer money in 16 currencies. As the first step, you need to complete the one-time registration by providing your personal details, such as name, address, etc. Besides, you also have to ensure compliance with the Know Your Customer (KYC) norms mandated by the RBI. Finally, you must furnish account details of the beneficiary you intend to transfer the money to. Upon initial registration, it takes about 24 hours for KYC verification after which you can start transferring money.

Once the amount to be transferred is entered, the confirmed currency conversion rate will be displayed.

This rate has a validity period. If you initiate the outward remittance before 3 pm on any given working day, then the conversion rate is valid till 7 pm on the same day. The exchange rate for a transfer initiated after 3 pm is valid till 9:30 am the next day.

What is validity period? The amount you intend to remit should get transferred/debited from your account before this cut-off time of either 7 pm or 9.30 am. If you fail to meet the cut-off time, you have to repeat the process all over again. Once the transfer is done, the beneficiary’s account will get credited within one international working day, if the transfer is initiated before 3 pm.

For transfers initiated after 3 pm, it takes two international working days for the amount to get credited. This excludes the weekend and holidays in both India and the country you intend to transfer the money. A flat charge of ₹750 plus service tax per transaction is collected as fee, immaterial of the quantum you remit.

Money2World, being an online product, enables you to do the transaction from the comfort of your home. It saves a lot of time which you would otherwise have to spend in visiting the bank branch to submit the required documents to make the transfer.

When it scores

Although other banks allow you to remit money using their internet banking facility, the service is available only to account holders. But Money2World allows individuals holding an account with any bank in India to transfer money to any bank abroad.

The other advantage with Money2World is that the service is available round the clock. In contrast, most banks have cut-off time for their outward remittance service. For instance, private banks, such as Axis Bank allow fund transfers only during banking hours — between 10 am and 4 pm.

On the flip side, you need to possess Aadhaar card to complete the KYC process. Those without an Aadhaar card cannot use this product.

The premium charged on the exchange rate seems higher; you may have to shell out more than ₹1 per unit of foreign currency. For instance, on November 3, after the spot market closing, the exchange rate quoted by Money2World was 66.91 a US dollar.

This is higher than the RBI reference rate of 65.45 on the same day. Similarly, for euro the exchange rate quoted by Money2World was 73.85, implying a ₹1.75 premium to the RBI reference rate of 72.1.

Money2World may come in handy in times of emergency, when you want to remit money instantly, say during odd hours.

But if you have enough time to remit the money, doing it directly through your bank may work out cheaper.

Gurumurthay K

 Sources: Business Line

Website: http://www.thehindubusinessline.com/

Author: Gurumurthay K

Date: 09/11/2015

Time: 12:43

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Cost of remittances likely to come down

With remittance to India is expected to increase by 2.5 per cent in this calendar year, the costs of sending remittances likely to come down further with many initiatives of the Government and the Reserve Bank of India (RBI), like Payment banks.

However remittances to developing countries are expected to rise by about 4 per cent in 2016 and 2017, buoyed by the continuing recovery in the United States and a modest acceleration of economic activity in Europe.

“It is hoped that India’s new payments banks will expand penetration of the banking sector in rural areas, thus increasing competition in the remittances market,” says the recent World Bank's report on Migration & Development Outlook which indicates remittances to India continue to grow steadily.

The report says that the decision by the Reserve Bank of India (RBI) to grant ‘in principle’ approval for 11 entities to set up payments banks, which would be directed at small savers in underserved (largely rural) markets, could help transform the rural remittances market.

The entry of new players is likely to increase competition, lower remittance costs, and extend the formal market for remittances.

Unlike earlier, emigration from Northern parts of the country is on the increase compared to Southern India as per the State-wise figures of workers granted Emigration Clearance / ECNR Endorsement during the last five years 2010-2014. In 2014, UP is the highest - 229,444, followed by Bihar - 98,721, Tamil Nadu - 83,202, Andhra Pradesh - 53,104, Kerala - 55,058, and West Bengal - 51,561.

Cost of remittance to India

Currently post office money orders cost about 6.4 per cent, hawala channels around 4.6 per cent and banks 3 per cent of the money transferred. “The extension of banking services and mobile money transfer to rural areas could thus significantly reduce remittance costs in rural areas,” the report adds.’

As per Remittance Prices Worldwide (a World Bank website), average remittance cost for sending money (for sending US$ 200) from UAE to India is 2.8 per cent. Similarly, from US to India average remittance cost is 3.06 per cent (for sending US$ 200). Both data are for the July - September 2015 quarter.

The global average cost of remittances remained at 7.7 per cent, targeted to be reduced to 5 per cent as set by G20 countries and World Bank.

The World Bank noted Indian government’s efforts of establishing a fund to assist the Indian diaspora in legal cases, and of a web portal to facilitate low-skilled migration. The government also raised the permissible limit on outward remittances from $125,000 to $250,000 (with further allowances for education and medical expenses), and eased limits on investment by the diaspora.

According to Remittance Prices Worldwide (RPW), the global average cost of sending remittances (including all fees and charges) was 7.68 per cent in second quarter of 2015, remaining essentially stable compared to the previous quarter when the average was 7.72 percent and below 8 percent for the fourth consecutive quarter.

Over the same period, the International Money Transfer Operators (MTO) Index, which tracks the prices of money transfer organizations that are present in at least 85 percent of corridors covered in the RPW database, experienced a decline of 2.2 percentage points, from 10.5 per cent in the first quarter of 2009 to 8.2 per cent in the second quarter of 2015.

The average cost of sending US$ 200 in the second quarter of 2015 was the lowest in South Asia (5.7 per cent), which represents a marginal decline from the previous quarter.

The three lowest-cost corridors (Saudi Arabia-Pakistan, Singapore-Bangladesh and UAE-Pakistan in South Asia all have cost below 3 per cent. However, the three highest cost corridors (Singapore-Pakistan, Switzerland-Sri Lanka, and Japan-India) have costs well above 10 percent.

This difference may be due partly to low volumes, lack of competition in the remittance markets in some sending countries, and policy rigidities that limit competition in some market segments, says the World Bank report.

In 2015, remittance to India is expected to go up by 2.5 per cent, which is above the 0.6 per cent rise in 2014. Also, internationally remittances are categorised as payments. Hence, says Promoth Manghat, CEO, UAE Exchange, “payment banks in India have an opportunity here.”

By the RBI mandate, Payment banks are to have 25 per cent of their network in un-banked areas. They can urge the beneficiaries of the migrant citizens to receive money through banks, contributing to financial inclusion and reducing remittance cost eventually.”

“India continues to be the largest remittance recipient country and over the years we have seen an increasing trend in remittances received,” says Kiran Shetty, Western Union’s Managing Director & Regional Vice President, India & South Asia.

The remittance flow into the country is three times that of the current Foreign Direct Investment (FDI) in the country. “Increase in remittances is clearly a good sign of economic activity and with a larger number of migrant workers now, we see more money coming into the country. This serves as a good support to the balance of payments too,” Mr. Shetty adds.

“We see the new payment bank licenses by the RBI will also help the cause of encouraging people to use formal channels of remittance. Additionally, new players in the market will spur competition that could lead to lower remittance costs,” says Sudhesh Giriyan, COO, Xpress Money.

“We are bullish on this space and expect a 15 percent year-on-year growth in remittance transactions on our channel,” says Mr. Giriyan.

There are about 30 million overseas Indian workers all over the world as per the recent World Bank Report. More than 90 per cent of these workers are in the Gulf countries and South East Asia.

During 2014, about 8.04 lakh workers emigrated from India after obtaining emigration clearance. Out of this, about 3.29 lakh went to Saudi Arabia, about 2.24 lakh workers to UAE, about 0.75 Lakhs to Qatar, about 0.51 lakhs to Oman, and about 0.22 lakhs to Malaysia. States of Uttar Pradesh, Andhra Pradesh, Bihar, Kerala, Tamil Nadu, Punjab, West Bengal and Rajasthan were the leading sourcing states in that order of the numbers who emigrated.

Source: The Hindu

URL: http://www.thehindu.com/business/Economy/cost-of-remittances-likely-to-come-down/article7855933.ece

Author: Oommen A. Ninan

Date : 08/11/2015

Time: 12:34

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WorldRemit in talks on mobile money-transfer deals

Free chat and calling apps that keep migrant workers in contact with family members back home are transforming the money transfer business and online remittance provider WorldRemit is seeking partnerships to capitalise on this trend, its chief executive said.

Ismail Ahmed, a Somalia-born entrepreneur who heads UK-based WorldRemit, said he's talking to communication providers such as Facebook's WhatsApp, Microsoft's Skype or Rakuten's Viber to help send money to families abroad. WorldRemit, one of Britain's fintech start-ups, has held talks with several messaging providers and aims to close deals next year, he told Reuters.

The company expects to handle $1 billion in transactions this year and at least double revenue from 15 million pounds ($22.6 million) in 2014.

Marking its momentum, it has won regulatory approval from California that will help it enter the biggest U.S. market next week. This will drive more business with migrants there who send money home to Latin America and the Philippines, Ahmed said.

"Partnerships with messaging apps are coming next year," Ahmed told Reuters in an interview at Web Summit, Europe's largest annual Internet conference.

"Next year you will hear lots of announcements," he said of the company's strategy of pursuing tie-ups rather than acquisitions of its own.

Free, frequent calls home are changing money transfer habits, as more migrants now send amounts of as little as $20 in response to specific needs or family emergencies rather than big lump sums once every month or two, Ahmed said.

Online providers such as WorldRemit are shaking up the established retail-based money transfer business dominated by Western Union and MoneyGram by delivering money at lower cost to recipients on their mobile phones.

Disruption in a market known for high commission fees and transaction volumes estimated by the World Bank at $440 billion this year is driving a wave of consolidation across the remittance industry.

In July, PayPal agreed to buy rival remittance firm Xoom.com for $890 million, while Euronet Worldwide, owners of remittance player Ria Digital, bought forex firm XE.com for $60 million.

WorldRemit is focussed on executing its own expansion plans, Ahmed said. "We haven't talked acquisitions with anybody at this point," he said.

Source: Retures

URL: http://www.reuters.com/article/2015/11/06/us-mobile-transfers-worldremit-idUSKCN0SV25C20151106#uRBxJTzhxFolbukk.97

Time: 11:29 GMT

Date: 07/11/2015

Author: Eric Auchard

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UAE Exchange: Strengthening its presence in Uganda

Customers are the nucleus of every activity at UAE Exchange, the leading global remittance, foreign exchange and payments brand.

For over 35 years now, the brand has been helping people to send money to their dear ones within minutes from across its 750 plus branches that are spread across 31 countries. 

In Uganda too, UAE Exchange has built a strong presence. In the last nine years of its operations in the country, the brand has grown stronger and offers a wide range of money transfer and foreign exchange solutions along with loyalty schemes. Serving over 9000 customers daily across its branches, the brand has extended its operations in other African countries including Botswana, Kenya, Morocco, Rwanda, Seychelles and Zambia too. 

Till few years ago, one wouldn’t have imagined that bank account credits would be revolutionised but, the phenomenon happened and bank transfers were taken to the next level. Known for being innovative, UAE Exchange brought a lightening service through FLASHremit, instant direct money transfer to the beneficiary’s bank account. Money could be transferred from Uganda to anywhere in the country in USD, EUR, GBP, AUD, CAD, CHF, JPY, AED, MYR, INR, PKR and other currencies. The service was enhanced by offering SMS notifications to both sender and receiver on account credit. Today, there are over 140 correspondent banks which add to the brand’s might.

Nestling quality with a sharp focus on speed and convenience has earned the brand the trust of customers, partners and regulators alike. It has paved way for the brand to offer additional services to its customers like instant money transfer as cash payout to any location through Xpress Money and Western Union. 

Recently, the brand celebrated International Customer Service Week on the theme of ‘Innovation’ across its branches globally. The seven-day celebration at Uganda which started from October 4, 2015 witnessed various promotions and contests. Customers’, who transacted and participated in the celebrations at the branches, availed special offers and won exciting prizes.  A lucky draw too was conducted for customers’ who had participated in the Facebook promotions. Ten winners were selected and felicitated with vouchers worth Ugandan Shilling of 100,000 each. 

Leveraging on the occasion, UAE Exchange also launched a new WhatsApp number for its customers in Uganda. Customers’ can just ping on +256-772207002 and obtain instant exchange rates on their phone, thus, saving time and cost on a call.

Over the years, the brand has been exploring new ways of enhancing customer experience, be it by adopting new technology, offering new service or improving a new process. In a very short span of time, the brand has become the favorite ‘money transferrer’ of the customers. This penchant for quality has won UAE Exchange the ISO certified brand and many other global awards for quality & business excellence including FiRe 2014 Award, Business Excellence MILAAP 2015 Award, Deutsche Bank STP Excellence Award for the ninth consecutive year since 2007, Superbrand Status for the seventh consecutive year since 2009, Accredited with TISSE 2012 for excellence in Customer Service among others. For more information, please visit http://www.uaeexchange.com/, https://www.facebook.com/UAEExchange/, 
http://www.uaeexchangeblog.com/  

In  2014,  UAE Exchange had handled 6  per  cent  of  the  global remittances while  the remittances  and  foreign exchange businesses in the same year were to the tune of USD 24 billion and USD 25 billion respectively.

Source: New Vision

URL: http://www.newvision.co.ug/news/675356-uae-exchange-strengthening-its-presence-in-uganda.html

Time: 11:20 GMT

Date: 07/11/2015

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Ghana: Mobile Money Bridges Ghana Financial Sector Divide

Accra — The growth of mobile money services is transforming the lives of millions of Ghanaians previously excluded from the West African country's financial sector.

The service, which is a fast, simple, convenient, secure and affordable way of transferring money, making payments and doing other transactions using a mobile phone, has grown significantly since advent four years ago, almost doubling to 7,17 million clients presently.

Previously, it was almost impossible for non-bank account holders to receive money.

There are four mobile money service providers -MTN Mobile Money, Tigo Cash, Airtel Money and lately, Vodafone Cash.

Head of Banking Services and Payment Systems Oversight at the Bank of Ghana, Elly Ohene-Adu, said the mobile money service had helped to boost the number of financial account holders in the country to 35 percent up from 29 percent in 2011.

Furthermore, active usage by subscribers increased from 23 percent in 2013 to 35 percent in 2014.

According to Global Findex 2015 report, 13 percent of Ghanaians, of a total population of 25,9 million, now use a mobile money account, compared to 12 percent in Sub-Saharan Africa.

In an effort to bring mobile money services to the doorsteps of subscribers, the four mobile operators have partnered a number of local banks, including Access Bank, Agricultural Development Bank, Cal Bank, Ecobank, Fidelity, GT Bank, Universal Merchant Bank, Stanbic, United Bank of Africa and Zenith.

The services are available across all Metropolitan, Municipal and District Assemblies (MMDAs) and key villages and towns in the country.

They also available in all the over 100 telecom network service centres and over 20 500 mobile money merchants doted across Ghana.

To add up, the mobile money services enable customers with the help of partners like Lyca, WorldRemit and Xpress Money and several others to receive money from abroad instantly on their phones.

In addition, Ghanaians abroad are able to send money to their relatives and friends via the service.

Mobile money users can pay their satellite television and electricity bills, school fees, purchase airline tickets, as well as pay for goods purchased at Melcom Plus, Max Mart and other online shops, among others in the country.

Thousands of unemployed Ghanaians are now in work thanks to this technological advancement.

Tigo alone provides employment for over 7 000 Ghanaians.

An owner of Seth Ventures, a Tigo Cash agent, Seth Gideon Attisogubi, who employs eight others who are bread winners in their respective families.

Because of demand for mobile money, he plans to expand to rural areas.

"When I started this job, my friends advised me to rather look for a white-collar job, they didn't think I would be able to make enough money to make ends meet.

"I persisted and continued to develop a relationship with my customers and now it is paying off," said Attisogubi, a university graduate.

Stella Amoah, a caretaker of Airtel Money, also reported brisk business.

"Besides, the monthly salary, I also love this job. I am able to pay my university fees," said Amoah.

An agent of MTN Mobile Money at North Kaneshie, a suburb of Accra, added that the business has enhanced her livelihood greatly.

"Because of this work I am able to take care of my two sisters in primary and junior high schools," he said.

There has been concern however the growth of mobile money services threatened banks and the microfinance firms.

However, the Senior Commercial Manager of Sales and Distribution at MTN Ghana, Eli Hini, disagreed.

"The growth of Mobile Money rather complements the business of microfinance/banks because it provides tools/solutions to enhance their offerings/services.

"Customers are now able to receive their loan disbursements into their Mobile Money wallets wherever they are and are able to make loan repayments without visiting the branch," said Hini.

 Source: All Africa

URL: http://allafrica.com/stories/201511061582.html

Author: Masahudu Kunateh

Date: 11/07/2015

Time: 11:09 GMT

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Western Union Unveils “Chain of Betters” to Create Positive Change Globally

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Western Union announced a campaign to kick start a chain of good deeds by pledging to help fund projects that aim to make lasting favorable change for individuals and communities.

The Western Union^® Chain of Betters competition* will award US$1,000 (or local currency equivalent) for winning selfless “betters.” During the first phase, residents from 20 countries will be invited to nominate betters, but with one important provision: the nominator will be entrusted to making the idea happen.

“Western Union helps people move the money that creates an economic ripple effect. When money moves, we know that lives are improved,” said Western Union Chief Marketing Officer Diane Scott. “The Chain of Betters competition highlights and magnifies the impact that moving money has on millions of lives around the world.

“More than 75 percent of the $580 billion in global remittances are paid out in developing countries, according to the World Bank.

“We see this first hand across our consumer-to-consumer (C2C) and our business-to-business (B2B). Every single C2C transaction we process involves two individuals – a sender and a receiver, often located in diverse parts of the world – some of them are banked and others under-banked or un-banked. They send back to family and loved ones for regular support including education, gifts, emergencies and financial payments.

“Our C2C customers are what we call double-belongers - they have the ability to make a difference in multiple places at once.

“Our B2B customers are business pioneers—from startups to small-and medium-sized enterprises – and have a need to quickly and easily move money around the globe in different currencies. They work hard to make their local business successful which in turn propels the global economy.

The Western Union Chain of Betters competition celebrates this movement of money that helps stimulate the economics within a household, a business and the broader global community,” Scott concluded.

To kick off the Chain of Betters competition, some grants have already been awarded. View video

·         In Mexico, a group of farmers now access pedal-powered mills to grind corn. View video

·         In India, the grant paid for a boat that will allow a village’s school-aged children safe access to a school. View video

·         In Ghana, a hospital is now “Bettered” with a new power generator. View video

Chain of Betters nominations can be made by legal residents over the age of 18 in Australia, Austria, China, France, Germany, India, Jamaica, Mexico, Morocco, Netherlands, Nigeria, Philippines, Romania, Russia, Spain, Sweden, Switzerland, UAE, UK and USA. The beneficiaries can be located anywhere, worldwide.

ADDITIONAL INFORMATION

Nominations require a maximum 150-word description of how the idea would make the world a better place for others with US$1000. Ideas will be judged based on the extent they express a selfless good deed, bring positive and lasting change for a number of people, have the potential to do something of value in their community, inspire more people, serve others and make the world a better place.

Each entrant will also need to submit at least one photo of himself or herself and preferably two additional photos or a short video of the current situation or idea that will make the world better.

The winning entrants and their “betters” will be published on the contest website, www.chainofbetters.com.

* Enter between 12.01 on 15 October 2015 and 23.59 on November 30, 2015 (all times in GMT) (inclusive). No purchase necessary. Enter at www.chainofbetters.com and tell us how you would make the world a better place for others if you were given US$1,000 (maximum of 150 words plus one image) (2 additional photos and a video are optional). Prizes: 5 x US$1,000 for nominated project. Full terms and conditions can be found at www.chainofbetters.com. Open to legal residents over 18 years of age in Australia, Austria, China, France, Germany, India, Jamaica, Mexico, Morocco, Netherlands, Nigeria, Philippines, Romania, Russia, Spain, Sweden, Switzerland, UAE, UK and USA. Void where prohibited by law.

Promoter: Western Union Financial Services Inc. 12500 E. Belford Avenue, Englewood, CO USA. Contact: Chain of Betters Promotion, WURS UK Limited Level 1, 200 Hammersmith Road Hammersmith London, UK W6 7DL.

Western Union may also run the competition in subsequent phases, with the right to amend details and participating countries for each phase, with the goal of awarding up to 100 prizes.

About Western Union

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of June 30, 2015, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to millions of bank accounts. In 2014, The Western Union Company completed 255 million consumer-to-consumer transactions worldwide, moving $85 billion of principal between consumers, and 484 million business payments.

Source: Business Wire

URL: http://www.businesswire.com/news/home/20151105005792/en/Western-Union-Unveils-%E2%80%9CChain-Betters%E2%80%9D-Create-Positive

Date: 11/06/2015

Time: 09:39 GMT

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HomeSend Enables Mobile Money Transfers to MobiDram, Armenia

New remittance corridors provide quick, low-cost money transfer options to Armenia

HomeSend, the international payment and money transfer hub, today announced the launch of remittance services to MobiDram, an Armenian mobile financial service provider and subsidiary of Vivacell-MTS, Armenia.

HomeSend, a joint venture between MasterCard, eServGlobal and BICS, is changing the way money moves around the world by bridging the gap between financial institutions, non-financial entities and mobile network operators.

The first sending partners to connect to MobiDram via HomeSend are money transfer organisations, WorldRemit and Skrill with more partners to connect in the near future. The remittance corridors are now live, offering a quick, convenient and low-cost way for people to send money direct to the MobiDram mobile wallets of their loved ones in Armenia.

HomeSend allows sending parties, such as money transfer organisations, to connect to mobile wallets in countries with significant diaspora and where there is a demand for cost-effective, safe remittance services. According to the World Bank, remittances contributed more than US$2bn to Armenia's economy in 2014, equivalent to almost 20% of it GDP. There are at least 780,000 Armenians working abroad; the total number of Armenians in the diaspora is thought to be larger than the country's population.

With 82% of Armenia's adult population without a bank account, mobile financial services, such as MobiDram, hold great potential for the 3.3 million mobile subscribers in the country, especially those who are recipients of remittances.

Kim Avanesyan, General Manager, MobiDram, said, "Our mission at MobiDram is to connect our users to the latest innovations in mobile money. We are always looking for ways to enrich our mobile wallets with new life-improving features. A single connection to HomeSend allows our users to receive money transfers from their loved ones around the world direct to their MobiDram mobile wallet."

Stephen Doyle, CEO, HomeSend, said, "We are pleased to share this good news which reinforces the integral role that HomeSend plays in connecting some of the largest players in the money transfer market today. We are proud to be the technology solution powering low-cost, instant money transfer services to users worldwide."

Through a connection to the HomeSend hub, service providers can enable their consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets regardless of their location or that of the recipient.

About MobiDram  

MobiDram started its operations in several VivaCell-MTS branches providing the services such as utility payments collection, bank transfers, international transfers, etc. With MobiDram, you enjoy the freedom of managing your time when you settle your bills, or transfer funds, while you are sipping your coffee, sitting up in your office or stretching out on your favourite sofa. MobiDram payment system is a mobile and online financial solution on the Armenian market that gives opportunity to make easy and fast money transactions anywhere, anytime. With MobiDram users and get transactions done instantaneously: regularly send and get funds, pay bills 24/7  via your mobile or online. MobiDram is absolutely secure and amazingly fast.

About HomeSend 

HomeSend is a joint venture created by MasterCard, eServGlobal and BICS that enables B2B cross-border and cross-network value transfers through a single connection. It builds on the successful deployment of mobile enabled person-to-person transfers in emerging markets and the digitalization of money transfer services. The HomeSend service innovatively bridges the gap between finance and telecommunication service providers and enables consumers to send money to and from mobile money accounts, payment cards, bank accounts or cash outlets - regardless of their location or that of the recipient.

Source: PR News

URL: http://www.prnewswire.com/news-releases/homesend-enables-mobile-money-transfers-to-mobidram-armenia-540054421.html

Date: 06/11/2015

Time: 10:14 GMT

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