Migrant workers wanting to send money home has helped keep Western Union f
rom sliding into obsolescence, and now phone carriers are looking for a piece of the action.
The GSM Association has announced a cash-by-phone plan backed by 19 carriers representing 600 million customers in more than 100 countries.
The system would allow a person to store money in conjunction with their mobile phone account and transfer a sum to another number with just a text message. Mastercard will handle payment processing,
Transfer costs would average about 2 percent of the transaction, as opposed to the usurious 24 percent now charged.
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