Service is aimed at low-income users
All around the world there are a number of countries where the poor have little access to banking making it hard to pay for goods and carry on normal trade. In these countries, mobile phones are common since many have no physical phone line system in place.
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Wireless carries all around the world are working on payment systems that will allow users to pay for goods and services using their mobile phones. In developing nations, linking the smartphone to a bank account allows the user to pay for things with ease even if the bank is far away. Vodafone has announced that it has a new mobile payment system in place that will allow users in Qatar to pay for things directly from their mobile phone.
The service is approved by the Qatar Central Bank and is aimed directly at low-income users. The money transfer service is also in partnership with Doha Bank, which provides the financial services for the VMT service. Using VMT the user can send money directly from their mobile phone to any GCASH enabled mobile device in the Philippines and other places and will also be able to send money to a bank account or for collection at any GCASH Remit outlet.
All of the transactions performed using the service use a PIN number for security and the sender and receiver will both get a SMS message notifying them that the transaction was completed. Vodafone had a live demo where money was sent form Doha to Manila and the entire process took under 5 minutes end to end.
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“Vodafone Money Transfer happened in Qatar thanks to the positive and forward thinking attitudes of the people, businesses and regulators in this country. Qatar has now established itself as a world leader in innovative financial services. On behalf of everyone at Vodafone Qatar, I’d like to thank His Highness the Emir Sheikh Hamad Bin Khalifa Al-Thani for his progressive vision for Qatar that has allowed Vodafone Money Transfer to come to life,” continued John Tombleson.