MasterCard has taken a controlling stake in the HomeSend mobile cross-border remittance service offered by eServGlobal and Bics.
HomeSend has live deployments in 50 countries and commercial contracts with mobile network operators (MNOs) and money transfer operators (MTOs) that represent more than 1.2 billion subscribers - the equivalent of one in seven of the world's population - and 200,000 cash agents respectively.
By connecting the worldwide community of telecom partners and MTOs to the more than 24,000 financial institutions on the MasterCard network, HomeSend will add payment cards and bank outlets to the mix, providing users with a host of new options for sending or receiving funds.
According to World Bank estimates, remittances to developing countries will reach around $515 billion by 2015.
AIM-listed eServGlobal will have a 35% share of the new joint venture and receive A$9m in cash.