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November 16, 2011
PALO ALTO, Calif. -- m-Via™, the company revolutionizing how families save and share their wealth, today launched the Boom™ mobile money service. Boom is the first service to fully eliminate the need for traditional cash services. With Boom, consumers finally have access to the kind of banking and money transfer service they have desired for years. Boom is safe, economical and easy – sending money is now as simple as sending a text message.
Each year, millions of migrant workers transfer hundreds of billions of dollars globally, oftenpaying more than $20 per cash wire transaction with recipients having to travel for hours to pick up remitted funds. Small dollar amount wire transfers of less than $50 are not cost effective due to these high fees, while larger wire transfers can cost upwards of $75. Cash wire services are often in unsafe neighborhoods, and theft is common for both senders and recipients making the process risky and time consuming.
To address these problems, m-Via created Boom, the largest mobile money network in the Americas. Boom members can use their mobile phone to make money transfers of any size from $5 to $1000, as well as make purchases and withdrawals at participating Boom Merchants and Boom ATM’s. m-Via has built an extensive partner network for Boom where members can load money, withdraw money, and make purchases from their Boom accounts.
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