Qatar Central Bank has approved the launch of
‘Vodafone Money Transfer’ (VMT) – a service designed to allow
consumers in Qatar to make international money remittances via
their mobile phone.

Using the VMT, customers will be able to
instantly make mobile-to-mobile money transfers from Qatar to the
Philippines. The service is expected to be expanded to include
countries across Asia, Africa and the Middle East, although no time
period has been specified.

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The service, in partnership with Qatar’s Doha
Bank and Filipino telecommunications company Globe Telecom, has
been pegged as a milestone in improving the accessibility of
financial services to low-income groups.

“Vodafone Money Transfer happened in Qatar
thanks to the positive and forward thinking attitudes of the
people, businesses and regulators in this country,” said John
Tombleson, Vodafone Acting CEO.

“Qatar has now established itself as a world
leader in innovative financial services. On behalf of everyone at
Vodafone Qatar, I’d like to thank His Highness the Emir Sheikh
Hamad Bin Khalifa Al-Thani for his progressive vision for Qatar
that has allowed Vodafone Money Transfer to come to life.”

Markus Bikker, senior product manager for
Vodafone, spoke at the VMT launch and described it as a more
cost-effective remittance method for Qatar consumers. He claims
current remittance services are “rather costly” at QAR 20 ($5) but
VMT users will pay just QAR 12 for the service.

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VMT’s tie-in with Globe’s GCASH m-payment
service allows the cross-border exchange of funds. VMT users can
also send funds for collection at a GCASH Remit outlet in the
Philippines. Both parties claim transactions are secured with a PIN
to ensure security of the fund transfer and both the sender and
recipient are notified of activity by SMS.