Money is just an SMS away

Tuesday July 8, 2008
Money is just an SMS away
By JO TIMBUONG
INDONESIANS sending money home do not need to stand in line anymore because they can now do it with their mobile phones.

Local mobile content company, Com2U Sdn Bhd recently launched moneyMe, an operator-independent mobile remittance service, to immediately and securely transfer money within Malaysia and Indonesia via SMS.

The service currently allows Maxis and DiGi mobile subscribers to transfer money between Malaysia and Indonesia.

Com2u plans to make the service available to Celcom subscribers next month.

Currently, most fund transfers to Indonesia are done manually at banks and results are not instantaneous, Com2U said.

Com2u decided to launch its service in Indonesia based on the huge number of its workers earning a living in Malaysia.

It estimates that about 66% of foreign workers in Malaysia are from Indonesia.

“Most of them come from ‘under-banked’ areas and the beneficiaries live in those under-banked areas,” said Tan Sri Ahmad Mohd Don, Com2u chairman.

Ahmad added that every family in those under-banked areas would have at least one mobile phone that is shared among its members.

This he said, makes mobile remittance a perfect service for them.

Com2U has also established a strategic partnership with PT Ebays, an authorised marketing distributor of Duit Pos Multiguna Service in Indonesia to allow beneficiaries to withdraw funds at Pos Indonesia outlets with the Wesel Pos Instant Service, a remittance service found in Indonesian post offices.

“It’s as easy as reloading your mobile airtime credit,” said Eugene Loke, Com2U chief executive officer told In.Tech after launching the service last week. Registration and subscription via SMS to the service is free.

After registering, users can go to any outlet with e-pay facilities to load the desired amount to their moneyMe mobile wallet.

E-pay facilities can be found at numerous bookstores, convenient stores and restaurants nationwide.

Subscribers are allowed to transfer up to RM50,000 a day and are charged a processing fee from as low as RM9.

The beneficiary will be notified with a text message identifying the amount and sender of the funds and it can be cashed at any Pos Indonesia agents.

MoneyMe’s functionality is guarded by a Personal Identification Number (PIN) and a subscriber’s account details are not stored on the phone.

“They can call moneyMe customer service to freeze the account if they lose their mobile phones,” Loke explained.

Com2u said it will be expanding its moneyMe service to banks in Indonesia to make it even more convenient for beneficiaries to claim their funds.

The company said it also plans to expand the service to other countries in South-East Asia but did not elaborate further.