MasterCard has expanded its role in mobile money remittances with the creation of HomeSend, a joint venture in which it has a controlling stake. MasterCard's partners in HomeSend are eServGlobal, a Paris-based provider of mobile money technology for telcos, and Brussels-based BICS (Belgacom International Carrier Services), a subsidiary of Belgacom and service provider to the global telecoms industry.

The HomeSend joint venture will use the existing HomeSend platform, a remittance hub for international mobile remittances that is based on eServGlobal technology and developed as part of a strategic partnership between eServGlobal and BICS. According to the partners, HomeSend is live in 50 countries with connections to mobile network operators, money transfer operators and cash agents.

The addition of MasterCard provides connectivity to 24,000 financial institutions on the MasterCard network, providing new options and flexibility for sending or receiving funds and remittances worldwide.

"HomeSend will provide an important platform to deliver improved remittance services, and bring person-to-person transfer capabilities to more financially underserved consumers around the globe," Ed McLaughlin, MasterCard's chief emerging payments officer, said in a statement. "MasterCard, eServGlobal and BICS each brings its own unique contribution to the newly formed entity."

MasterCard will own 55 percent of HomeSend, eServGlobal 35 percent and BICs 10 percent. eServGlobal will receive €9 million ($12.3m) in cash over two years as a result of the formation of HomeSend.

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