Flint Telecom Group, Inc. (OTCBB: FLTT), an International telecoms technology and services organization, today announced the creation of a robust, fully secure and scalable, mobile payment infrastructure that will allow registered users to transfer money and perform other financial transactions from their cell phone. Initially available in the United States, and rolled out in multiple countries thereafter, first generated revenues are expected as early as the first quarter of next year.
With this service, registered users will be able to transfer money to relatives and friends and to pay bills with a simple text message or secure phone call.
Bernie Fried, President and COO of Flint Telecom Group says, “This innovative platform gives superior levels of customer service and convenience for mobile financial services, coupled with the security, scalability and robustness necessary to perform such transactions. Our platforms are certified at the highest level of security and industry conformance. In addition, not only will this innovative new approach to transferring funds bring a new level of convenience for registered users, the fees charged will be less than those charged by leading money transfer companies today.”
According to the GSM Association, the Mobile Standards Organization, by 2012, the number of recipients of international mobile payment remittances could reach 1.5 billion and the size of the remittances market could total US $1 trillion.
Vincent Browne, Chairman and CEO of Flint Telecom Group, commented, “Mobile banking on cell phones will extend financial transaction services to millions of people on a global basis in the coming years. This service is made possible by our recent acquisitions that provide a fully integrated mobile payment processing infrastructure, resulting from many years of development and operation. We believe that we can attract in excess of 250,000 new clients within the first twelve months, generating over $2 million in daily transactions from which Flint will receive a processing fee. This will have a direct, positive effect on Flint Telecom Group revenues and margins as it is rolled out through our strategic partners in the U.S. and internationally.”