HomeSend was incubated as a strategic partnership between eServGlobal and BICS from 2008 – 2013. At its inception, HomeSend was a remittance platform that allowed Mobile Network Operators (MNOs) to connect mobile wallets to international remittance while offering Money Transfer Organisations (MTOs) some digital and physical end-points. The potential market for Person-to-Person (P2P) remittance transfers was estimated at US$600Bn through official channels, with potentially up to another 50 per cent through unofficial methods.
Source: The World Bank
As a strategic partnership, HomeSend gathered significant traction with ‘receiving’ markets – securing agreements with several Tier 1 Operator Groups and large MTOs – such as Moneygram and WorldRemit.
In 2013, eServGlobal and BICS entered into a Joint Venture (JV) with Mastercard for HomeSend. The two existing shareholders believed that Mastercard, with its financial pedigree and existing relationships with over 24,000 financial institutions, would be a strong partner for this venture, bringing considerable expertise in taking solutions to market and offering ‘sending’ power.
The JV officially launched with all three partners in April 2014 and has evolved to become a truly global remittance, payments and disbursement hub offering services from multiple digital and physical send-points, to multiple digital and physical end-points, both as a stand-alone product and as a technology platform for Mastercard
products.
HomeSend’s trajectory until now has relied on revenues through MTOs, which it has secured itself. Mastercard, being the larger partner in the JV, provides the largest opportunity for acceleration, either through referrals of the HomeSend service to Mastercard’s own customer base or through the utilisation of the HomeSend platform for Mastercard products, in particular Mastercard Send.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.