Mobile money service to serve unbanked in Mexico

Mobile Money Service Aims To Serve Underbanked In Mexico

Latin American operator group América Móvil is launching a mobile money service in Mexico, aimed to serve the nation’s underbanked population. The service, called Transfer, will be launched by a joint venture between the operator and its banking partners: Citibank´s Mexican unit Banamex and local bank Banco Inbursa.

The firms said that their aim is to transform the mobile phone into a payment instrument for carrying out transfers, cash withdrawals and air time purchasing, in real time, 24 hours a day, through SMS messaging.  Users will also be able to manage their accounts through other self-service channels, such as interactive voice response and web sites.

Gemalto´s LinqUs mobile payment platform will underpin Transfer and the firm said it will also be responsible for the service development, support and operation of the service.

“Transfer is a service that arises from the combination of two highly technologically sophisticated systems, with a large coverage: banking and telecommunications”, said Daniel Hajj Aboumrad, CEO of América Móvil.

“The great potential of Transfer is present not only in Mexico, but also in the rest of Latin America where, together, we have around 240 million customers,” he added.

Manuel Medina Mora, chairman of the executive committee of Banco Nacional de Mexico and Grupo Financiero Banamex added that the firms believes this platform will transform the banking operation, initially in Mexico, and then also to the rest of Latin America.