Financial Times FT.com

Western Union to transfer money cell phone

By Paul Taylor in New York

Published: October 18 2007 20:28 | Last updated: October 18 2007 20:28

Mobile phones are about to become the simplest and quickest way to transfer money across borders, under a deal announced yesterday by Western Union and GSM Association, the main mobile phone operators’ body.

The agreement could have a big impact on global cross-border remittances, worth an estimated $300bn a year, and provide a springboard for mobile carriers and Western Union to offer other mobile banking services using “mobile wallet” technology.

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