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Mobile payments can make global money transfers easier

March 2, 2012

This week at the Mobile World Congress, payment providers, credit card companies and product developers came together to discuss innovations that could change the way consumers complete transactions in the future.

This week at the Mobile World Congress, payment providers, credit card companies and product developers came together to discuss innovations that could change the way consumers complete transactions in the future. Among talk about NFC and EMV, mobile payments were presented as a global solution to shortages of financial services in developing markets.

Western Union announced a partnership with 26 organizations in 22 countries that will provide more than 285 million subscribers worldwide with mobile money transfer solutions. Six of the agreements are with banks and independent providers while 20 are with mobile providers. The company has already been providing mobile money services in Bangladesh, Burkina Faso, Canada, Tanzania, the United States, Kenya, Madagascar, Malaysia, and the Philippines. 

Earlier in the week, MasterCard announced mobile payment technology that will provide consumers in financially underserved communities with a secure and viable method for completing transactions remotely.

As global mobile payments gain momentum, business can prepare for a combination of international and local customer purchases by ensuring that online payment processing services are efficient and safe. Running checks for PCI compliance can reveal any security weaknesses that could leave consumers vulnerable to security breaches. 

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