NewsWhore
11-16-2011, 01:20 PM
A new service seeks to make it easier, more safe and less costly for expatriate Dominicans to send cash remittances home. Boom is a new mobile personal payment and banking service that was announced in May 2011 at the Hillary Clinton's Diaspora Forum. The service, which targets unbanked workers who often send money home, is launching in the US, Mexico, Dominican Republic, Jamaica and Haiti.
Instead of cash wire services that can charge up to US$15 to transfer money, Boom allows people to establish a bank account for US$10 annually and then charges them US$2 each time they deposit money. After that, transferring money between accounts is free with transfers enabled by text message or with a phone call to a Boom operator. Users in the US can load money at 15,000 locations including more than 6,000 7-Eleven stores. And users can pull out money from 150,000 ATMs in the US and Mexico or 650,000 ATMs worldwide using a Boom debit card.
The service serves as a bank and mobile personal payment alternative for many migrant workers. But it can also serve as a way for parents to distribute money to their children. Bill Barhydt, CEO of m-Via, which created Boom, said almost half a trillion dollars is remitted each year internationally with fees generating US$40-50 billion. The effort will crunch down those fees, making it easier for people to distribute a lot more money more often.
www.useboom.com (http://www.useboom.com)
More... (http://www.dr1.com/index.html#6)
Instead of cash wire services that can charge up to US$15 to transfer money, Boom allows people to establish a bank account for US$10 annually and then charges them US$2 each time they deposit money. After that, transferring money between accounts is free with transfers enabled by text message or with a phone call to a Boom operator. Users in the US can load money at 15,000 locations including more than 6,000 7-Eleven stores. And users can pull out money from 150,000 ATMs in the US and Mexico or 650,000 ATMs worldwide using a Boom debit card.
The service serves as a bank and mobile personal payment alternative for many migrant workers. But it can also serve as a way for parents to distribute money to their children. Bill Barhydt, CEO of m-Via, which created Boom, said almost half a trillion dollars is remitted each year internationally with fees generating US$40-50 billion. The effort will crunch down those fees, making it easier for people to distribute a lot more money more often.
www.useboom.com (http://www.useboom.com)
More... (http://www.dr1.com/index.html#6)