Western Union, GSMA launch mobile banking service

After a big mobile commerce announcement at 3GSM in Barcelona earlier this year, the GSMA is now teaming up with Western Union to further its goal of mobilizing financial services across the world. The two groups plan to offer a cross-border mobile money transfer service for carriers who will enable their subscribers to send and receive low-denomination, high-frequency money transfers through their mobile phones. The service should launch in Q2 of 2008.

For more on the service:
- read this press release