Munich, Germany (PressExposure) December 15, 2009 -- VoiceCash Group is now providing bank services. Its subsidiary VoiceCash Bank Ltd. has received a European Banking license. VoiceCash Bank is registered in Malta and supervised by the Maltese regulatory authorities. "For us this is a logical and important step forward towards providing world-wide access to mobile banking" says Group CEO Michael Kramer. "Money transfers across international borders are one of the biggest growth markets and are emerging worldwide as a significant part of the economic development process.There are millions of people that have a mobile phone but donÂ´t have a bank account. VoiceCash Bank is connecting individuals and domestic mobile payment initiatives via a mobile financial services roaming. VoiceCash Bank is the first of its kind, a pure mobile transaction bank."
In fact private support remittances wired to their homelands by migrant workers reached approximately 338 billion Dollar (â¬229.8 bn) in 2008. With this field firmly in view, VoiceCash Group has strategically expanded their business segment with the new bank. Speaking further Michael Kramer stated, "With the VoiceCash Bank we are establishing new services worldwide in the international mobile money transfer sector, for example we can offer cellular phone companies, service partners, and even other banks the real possibility to offer new services to customers."
Based on a unique and patented SMS and voice biometrics callback functionality, VoiceCash already enables mobile phone users to transfer funds and make payments in realtime. It has recently issued the first prepaid MasterCard Twin-Card for the German market. The two prepaid cards working in tandem to enable the rapid transfer of money internationally, allowing one family member to easily and quickly transfer money to another. These can also be used to pay for anything at the 28 million locations where MasterCard is accepted. Furthermore they allow the holder to access cash at 1.5 million ATMs located worldwide.
"Our internal policy has always been to provide banking for the millions - rather than banking for millionaires", explains Kramer. "In the past we have been struck by the fact that those who are most dependent on the international banking industry are some of the least able to access it. Eventually, and in the not too distant future, our aim is to empower everyone with a mobile phone to transfer money as and where they need, whenever they need to."
With this in view, VoiceCash Bank is currently planning to introduce a salary card as their next product in this segment to meet the demand of the mainly migrant workers dependent on prepaid cards in the Middle East. As many of these do not have bank accounts in their respective host countries, their wages have to be paid in cash or by some form of prepaid card. At present, these workers have to transfer this money by complex and expensive routes. In the future, VoiceCash Bank will offer simplified and cheaper mobile payment options.
The new bank is headed by Josef Leckel who was formerly Director of Operations for Western Union Financial Services in Central and Eastern Europe. "VoiceCash Bank gives us the opportunity to be a single source of all financial services for mobile operators and its customers. With this advantage, we are the leading service provider in Germany and one of the strongest market players worldwide in the area of international mobile money transfer. Our business partners and our customers will clearly benefit from our strong focus on mobile money transfer."