Redknee Launches Mobile Money Platform

November 2007
Cellular News

Redknee Solutions says that it launching a licensable version of its mobile money service that is now available to mobile operators who want to offer mobile money capabilities across different mobile access networks, operators and international borders.

A number of significant drivers make this an attractive new service offering for mobile operators in emerging markets such as Africa, Middle East and S.E. Asia.

"Our recent research indicates that 85% of the next billion mobile subscriptions will come from emerging markets such as Africa, Middle East and Southeast Asia. However, according to the GSM Association, less than 1 billion out 6.5 billion people worldwide have a bank account," said Leslie Arathoon, Director, Product Strategy with Pyramid Research. "This fact, coupled with increasing liberalization of wireless regulations and the growing sophistication of telecommunications infrastructure in emerging markets have set the stage for widespread demand for and adoption of mobile funds transfer services. As funds transfers and other mobile money activities play an increasingly larger role in the economies of many countries, carriers who can deliver differentiated, low-cost mobile money services will have a competitive advantage."

Mobile Money Services provides a centralized and scalable solution that provides taxation, currency conversion and settlement to support mobile operator partnerships.