paybox and Globe Telecom team for MMT into the Philippines

paybox has teamed with Globe Telecom through its wholly-owned subsidiary, G-Xchange, to offer overseas Filipinos worldwide a cheaper and more convenient way to send money home. The total transaction value of remittances into the Philippines in 2007 is estimated to be above $14bn and represents about 14% of the Philippines GDP.

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,” says Eckhard Ortwein, CEO, paybox. “Now, we are enabling further mobile money transfer channels between the Philippines and sender markets in Asia and the Middle East.”

“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 20m Globe Telecom subscribers as recipients for mobile money transfers,” adds Rizza Maniego-Eala, president, GXI.