Sending money is now as simple as sending a text message, according to m-Via, a company that launched Boom, a platform giving unbanked consumers access to banking and money transfer services via mobile devices.
Each year, millions of migrant workers transfer hundreds of billions of dollars globally, often paying more than $20 per cash wire transaction with recipients having to travel for hours to pick up remitted funds, according to a company press release. Boom, however, allows consumers to make money transfers of any size from $5 to $1,000 and to make purchases and withdrawals at participating Boom merchants and Boom ATMs.
Boom launch partners include 7-Eleven Inc. (powered by PayNearMe Inc.), the Allpoint ATM Network, the Diconsa retail network in Mexico and PayXchange. Through these partners, Boom members have access to more than 15,000 U.S. cash load locations, 23,000 Boom merchants in Mexico and more than 150,000 Boom ATMs in the U.S. and Mexico, and another 650,000 ATMs in more than 150 countries.
"Traditional money transfer services are unsafe, expensive and inconvenient for recipients who have to travel to pick up money," said Bill Barhydt, m-Via CEO. "Our core consumer is a hard-working immigrant who sends money home to support their extended family. They are the last person who should be forced to pay exorbitant fees for money transfer services. Boom is a breakthrough service that addresses these problems by leveraging new mobile and banking technologies, and a massive agent and ATM network, combined with a consumer experience that is simple, secure and even fun."
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