PALO ALTO, Calif. (11/17/11)--Palo Alto, Calif.-based payments provider m-Via has launched a mobile payment network designed to provide immigrants with a low-cost, safe alternative to high-fee money transfer services.
The new payments system, called Boom, uses the member/customer's phone number to allow consumers to access and send funds via a text message.
Boom launch partners include 7-Eleven Inc., the Allpoint ATM Network, the Diconsa retail network in Mexico, and PayXchange. Through these partners, Boom members have access to more than 15,000 U.S. cash load locations, 23,000 Boom merchants in Mexico, and more than 150,000 Boom ATMs in the U.S. and Mexico, and another 650,000 ATMs in more than 150 countries.
"Traditional money transfer services are unsafe, expensive and inconvenient for recipients who have to travel to pick up money," said Bill Barhydt, m-Via CEO. "Our core consumers are hard-working immigrants who send money home to support their extended families. They are the last people who should be forced to pay exorbitant fees for money transfer services. Boom is a breakthrough service that addresses these problems by leveraging new mobile and banking technologies, and a massive agent and ATM network, combined with a consumer experience that is simple, secure and even fun."
World Council of Credit Unions' (WOCCU) offers the International Remittance Network (IRNet) affordable remittance services for credit union members and the community. WOCCU created IRNet to lower the high cost for immigrant workers to make remittances to their families back home.