Together with Lari Exchange, we can deliver a new Mobile Remittance Product that will bring significant benefit to the mobile migrant community - first for the UAE-Philippines corridor and with more corridors to come.
Frankfurt, Germany (PRWEB) September 6, 2007
paybox, the trend setting company for mobile payment enterprise solutions headquartered in Germany, and Abu Dhabi-based Lari Exchange, one of the oldest and biggest money exchange companies in the United Arab Emirates team strategically to offer more than three hundred thousand Filipinos residing in the UAE a cheaper and more convenient way to send money home. The total transaction value of money transfers from UAE to Philippines is estimated to be above US$1 billion per annum.
The strategic partnership brings together the paybox Mobiliser Platform and Lari's experience and network in Remittances to build a Mobile Remittance Platform from the UAE to other countries. The pilot will cover the UAE-Philippines Remittance corridor with a new Mobile Remittance Product from senders' side in the UAE - the cooperation with Globe Telecom/GCash in the Philippines will interface the beneficiary side. Charges for the Mobile Remittance Product are expected to be significantly lower than other existing offerings to the Philippines.
"We are excited about this new partnership," says Robert Abel, Senior VP Operations & Delivery, paybox. "Together with Lari Exchange, we can deliver a new Mobile Remittance Product that will bring significant benefit to the mobile migrant community - first for the UAE-Philippines corridor and with more corridors to come."
The new Mobile Remittance Product is an IVR-menu based service that enables senders to instantly transfer money to friends and family in the Philippines using just their mobile phones. To send money, customers have to top-up their accounts in one of the Lari outlets in the UAE or at any partner location. With their mobile phone, they can then request to remit money in Dirham value to Globe Telecom customers in the Philippines, which will be converted into Pesos on the fly and immediately deposited into the beneficiaries' GCash wallet. Every money transfer is protected by a customer specified four digit PIN.
Beneficiaries can cash-out the money at any of the 6.000 Globe Telecom partner outlets in the Philippines.
Lari Exchange's General Manager Fuaad Lari states: "Taking the next step for our vision of a global mobile Remittance system, this partnership can be a breakthrough in cross-border financial services. With paybox, Lari Exchange can mobilise its worldwide Remittance business and differentiate itself strongly. We are building Remittance communities leveraging the entire functionalities of the paybox Mobiliser Platform. In addition to Remittances, we will offer mobile services such as airtime top-up or content sales on both sides of the Remittance channel - thereby expanding our network"
paybox and Lari Exchange will be available at a "Meet-the-expert-session" on September 9th during the GITEX 2007 in Dubai, UAE.
paybox solutions AG ("paybox") is the trendsetting company for mobile payment enterprise solutions. Founded in 1999, paybox was the first to launch mass-marketable mobile payment solutions in five European markets. In 2005, paybox was rated by industry experts as having the broadest mobile Commerce portfolio worldwide. paybox´s patented award winning technology has proven technical and operational reliability with highest, overall service availability. Used by leading global service companies such as mobilkom and ONE in Austria, MasterCard, Vodafone Egypt and Maxis Malaysia, by five million end users and 15.000 merchants, paybox enterprise solutions are deployed across Europe, America, North Africa, the Middle East and Asia. For more information on paybox, please visit http://www.paybox.net
About Lari Exchange:
Lari Exchange is a renowned market leader in currency exchange and international money transfer and payments. Founded in 1969, Lari Exchange is among the oldest and biggest money exchange company in the UAE. Besides being the oldest company it is the large currency wholesale dealer as well. The Remittance network introduced by Lari Exchange spreads almost all of the world promoting advanced technologies and sophisticated systems by which Lari aims at the absolute satisfaction of its valued customers. Lari Exchange is part of the Lari Group which assists their companies as business incubator and holding company. Lari Financial Brokerage helps customers trade in the Dubai Financial Market and the Abu Dhabi Securities Market. For more information on Lari Exchange, please visit http://www.lari-group.com.