What is Mobile Money?
Mobile Money is a technology that allows people to receive, store and spend money using a mobile phone.
It is sometimes referred to as a 'mobile wallet' or by the name of a specific service such as mPesa, EcoCash, GCash, Tigo Pesa and many more.
There are more than 260 different Mobile Money services around the world, although they are most popular in Africa, Asia and Latin America.
Your phone number = your account number
Mobile Money is usually provided by the same companies that run the country's mobile phone services and is available to both pre-pay and contract customers.
Each Mobile Money user has a unique account number - normally the same as their phone number.
Sending and spending
Using a special Mobile Money menu or app on their phone, users can transfer funds to another person or to pay a business such as a shop or restaurant.
Users can also withdraw cash from their Mobile Money account at agent locations in their home country.
Mobile Money is a popular alternative to both cash and banks because it is easy to use, secure and can used anywhere there is a mobile phone signal.
Sending to a Mobile Money account with WorldRemit
If you have previously sent money to someone's bank account or for cash pickup, you may want to try sending to their Mobile Money account instead.
Transfers to Mobile Money accounts normally arrive instantly, day or night. The person receiving the money does not have to travel anywhere to collect it.
Recipients will get a notification on their phone when the money has been added to their account. Senders also receive a confirmation when the transfer is complete.
Sending to a Mobile Money account is easy with WorldRemit. In fact, we are connected to more Mobile Money services than any other money transfer provider.
Just follow these simple steps:
1. Ask your recipient if they have a Mobile Money account. If they do, you will need to get the following information:
- Mobile Money number (usually the same as the mobile phone number)
- Name of the Mobile Money service (e.g. MTM Mobile Money, Tigo Pesa etc.)
2. Check to see if WorldRemit supports sending to Mobile Money in the recipient's county by selecting that country on the WorldRemit website or mobile app.
A list of available transfer options will be displayed. Or you can check the full list of Mobile Money services here
3. Follow the on-screen steps to send money. During the sending process, you will be asked to enter and confirm the recipient's Mobile Money number.
Please check the number carefully before sending to ensure that it goes to the correct account.