Barcelona: Sending money to loved ones back home will now be only a message away-- thanks to a new programme - Mobile Money Transfer (MMT) - which will debut at the annual 3GSM conference beginning here tomorrow.
The MMT programme which enables sending money through SMS is focused on the needs of the large expatriate community from developing countries who live and work away from their homes and regularly remit money back to their families.
The programme will be unveiled at a meet of the GSM mobile operators tomorrow. The Indian delegation to the conference is being led by telecom minister Dayanidhi Maran who would be addressing the Association of GSM (GSMA) players.
The MMT program of GSMA will overcome the constraint of limited reach of the traditional retail banking infrastructure by enabling transfer of money through a simple SMS.
It is estimated that there are over 200 million people worldwide who live and work away from their homes and these people, in 2005, remitted over 230 billion US dollars.
The MMT project is particularly relevant and important for India which is the largest recipient of international remittances from about 20 to 25 million Indians working across 130 countries.