Western Union Looks At Mobile Transfers

Western Union Co. has teamed up with several cell phone service providers to come up with a reliable phone money-transfer service. Via these mobile services, one can transfer money from country to country through their mobile phones.

GSM Association, an international trade group of cell phone service providers has been roped in and the group would be headed by Sunil Mittal, chairman and managing director of Bharti Airtel.

"This initiative will bring down the cost of lower-value and high-frequency mobile remittances considerably and also enable smaller amounts to be transferred in a fast and secure fashion, thereby benefiting millions of people in the developing world," Mittal said in a statement.