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Essay heading: A Cash Call
 
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Issue: English
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Date added: September 30, 2003
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No of pages / words: 5 / 1237
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MasterCard will operate the system in which remittances will be sent as text messages. For people without bank accounts, the credit can be converted into pre-paid cards which can then be used to buy things. “It will revolutionise the money-transfer business”, said Sunil Bharti Mittal, boss of Bharti Airtel, one of India's biggest mobile operators...
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“It will revolutionise the money-transfer business”, said Sunil Bharti Mittal, boss of Bharti Airtel, one of India's biggest mobile operators. The idea is to tap into the more than $250 billion a year that immigrants and migrant workers send to relatives and friends back home. Buying a train ticket, picking up a newspaper and grabbing a cup of coffee on the way to work with just a wave of your handset promises to be a lot more convenient than fumbling for money and waiting for change, or using a credit or debit card and having to tap in numbers or sign a slip of paper...
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