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Global Payout Subsidiary Maxie Mobile, Inc. Launches Low Cost, Fixed Fee Remittance Capabilities Targeting an Estimated $581 Billion Global Market
Oct 15, 2014
OTC Disclosure & News Service
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San Diego, Oct. 15, 2014 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink: GOHE), an emerging leader in payment solutions, announced today that its wholly owned subsidiary, Maxie Mobile, Inc., a mobile financial services technology ("FinTech") provider focused on underserved markets in the United States and globally, has launched new low cost, fixed fee remittance capabilities on its Maxie Mobile app allowing foreign workers to send payments to up to 60 home countries around the world directly from their mobile phones.
The Maxie Mobile app is offered free and works on all major mobile platforms - iOS (Apple products), Android, Windows, Google, Blackberry - and with any major carrier.
Remittance is a massive market, consisting primarily of workers living in foreign countries who need to send money back to their families at home. The World Bank estimates that global remittances will total $581 billion in 2014 and rise to $681 billion for 2016.
According to remittance industry analysts, the price of sending money to many underserved markets is inflated by large, traditional payment transfer companies, which have dominated the global cross-border remittance market. The low cost, fixed fee remittance capabilities of the Maxie Mobile app will allow foreign workers and their families to keep more of the money they have earned, which could improve their lives and the economies of their home countries.
While the Maxie Mobile app will be marketed to foreign workers around the world, an important initial target will be workers from Latin America earning money in the United States. Remittances from the U.S. account for 75% of the total sent to Latin American countries and are expected to climb to approximately $50 billion in 2014, according to World Bank data.
Maxie Mobile has already initiated a marketing strategy to reach a large number of U.S. based foreign workers. Additional markets will include Asia, the Pacific Islands, the Middle East and Africa.
"Maxie Mobile is working closely with key Hispanic representatives, organizations and media, both in the U.S. and in the workers' home country, which are expected to provide direct access to large numbers of potential customers in their native language through a source they are already familiar with," said Jim Hancock, CEO of Global Payout, Inc. "These relationships are expected to position the Maxie Mobile app as the mobile wallet for Latin American workers in this country."
The recent acquisition of Maxie Mobile by Global Payout signals the Company's entry into the expanding financial technology sector. Within the "FinTech" sector, mobile and payment technologies, like those offered by Maxie Mobile, are the segments expected to experience the most explosive growth in the coming years. A large portion of Maxie's targeted market are the estimated 68 million unbanked, under-banked and unhappily banked consumers in the United States and the estimated 2.5 billion worldwide. Globally, there are an estimated 6.6 billion mobile phones in use, while only 2 billion adults have bank accounts. This leaves a large unbanked population who use mobile phones and can be targeted for mobile financial services including bill payment, payroll deposits, cross border remittances, check cashing, prepaid phone top up, and free long distance calling. With integrated prepaid cards, functionality is expanded to include the ability to purchase products online or at retail locations as well as access cash at ATMs worldwide.
