paybox, Globe Telecom Mobile Money Transfer in the Philippines

The total transaction value of remittances into the Philippines in 2007 is estimated to be above US$ 14 billion and represents about 14% of the Philippines GDP.

With its portfolio of products, paybox addresses mobile Commerce, mobile Payment and mobile Money related opportunities with mobile operators and financial service providers in both, developed as well as emerging markets. In developed markets, these opportunities are a driver for change for secure and convenient mobile services and mobile money transfer solutions are becoming a central element of these opportunities - providing convenience and security to foreign workers, speeding up the transfer and reducing the cost.

In emerging markets such as the Philippines, remittances act as a catalyst for mobile Money solutions providing an effective way for customer sign ups and loading money into accounts. With GCASH, Filipinos can send and receive money through their mobile phones, pay their bills, top up airtime, and pay for purchases at any of the 6,000 GCASH partner outlets in the Philippines - all via text messaging.

The strategic partnership interfaces the paybox Mobiliser Platform and Globe Telecom's remittance service GCASH to provide mobile Money Transfer Channels for mobile operators and financial service providers. "Jointly with Lari Exchange, the leading financial exchange in the U.A.E., paybox and Globe Telecom have already opened the first channel successfully" states Eckhard Ortwein, CEO of paybox. "Now, we are enabling further mobile Money Transfer channels between the Philippines and sender markets in Asia and the Middle East."

Rizza Maniego-Eala, GXI President, adds "Our partnership with paybox enables leading mobile operators and financial institutions worldwide leveraging on paybox's state-of-the-art technology to immediately access the more than 20 Mio Globe Telecom subscribers as recipients for mobile money transfers."