BARCELONA, Spain — The global economic downturn is slowing growth in remittances and could hinder efforts by wireless carriers and financial companies to persuade people to transfer money with their mobile phones.
"The workers that are traveling overseas are losing their jobs," Matt Dill, a senior vice president at Western Union Co. and the head of its digital ventures unit, said here this week at the Mobile World Conference sponsored by the GSM Association, a wireless trade group.
"People are going to be saving more, sending less, [but] trying to maintain communication with their families," Mr. Dill said, and many people might not want to experiment with new ways to send money home.
Western Union has been a part of the GSM Association's Mobile Money Transfer program since it was introduced in 2007. Read more
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