Mastercard tapping into $230B remittance market

18 operators and led by GSM Association, are working w/ Mastercard to setup a global payment hub. Under the system now on trial, funds would be sent from one SIM card to another via the Mastercard global transactions network. Remittances would be received as soon as they are sent, with both parties receiving confirmation messages via SMS.
Recipients get a text message containing a personal identification number, which they use to redeem cash at several outlets, including the operator's stores. Mastercard acts as the clearing house.

[link]