Virgin Mobile develops Saudi banking app

SectorFinancial Services
CountrySaudi Arabia

“We’re now in a position where we can enable Virgin Mobile customers to take electronic funds of any sort and fundamentally allow them to do international money transmittance or remittance,” he said.Nielsen said that the services would be made available to everyone, regardless of which banks they had accounts in or which telecom providers they used.“Users will not need to have an account with the Saudi Investment Bank. You’re completely bank independent. Any customer from any bank, or for that matter, any mobile operator, can use our app and perform mobile transfers. But existing customers of Virgin Mobile will get exclusive benefits for their transfers,” he said.Phase one, which the company aims to kickstart in February, will allow customers to use the application to link their bank accounts and cards to their phone, allowing them to carry out international transfers.“Effectively, if you have money on an ATM card or bank account, you can transfer it to the Virgin Mobile banking application, and then straight from your mobile phone you can do international money remittance,” he said.Phase two will be to enable domestic usage, allowing users to pay for items in stores, restaurants and cafes using only their phones.However, that option more...