25 May 2015

Citi and America Movil form Latin American m-banking JV

13 October 2011  |  6025 views  |  0 mobile keypad

Citi has teamed with Mexican mobile network operator America Movil on a $50 million Latin American m-banking joint venture.

The joint venture, dubbed Transfer, will launch in Mexico in the first quarter of next year, available to customers of Citi's Banamex,unit and América Móvil's Telcel, before a wider roll out to the rest of Latin America.

Users will be able to open bank accounts, transfer money, withdrawal from ATMs, shop, receive payments and pay bills with their handsets. Customers will be charged between one and two pesos a transaction.

Manuel Medina-Mora, director general, Mexico and Latin America, Citi, has told the FT that the service could also be used by governments to distribute money to the poor and pay employees.

Last year MasterCard and telco giant Telefónica formed a similar JV to bring mobile phone-based financial services to 12 Latin American countries.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

12 October, 2011
05 October, 2011
22 June, 2011
26 May, 2011
25 January, 2011
15 September, 2009
24 April, 2009

Related company news

 

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
7078 views comments | 48 tweets | 31 linkedin
UK opts out of European online payments se...
6319 views comments | 20 tweets | 15 linkedin
MasterCard launches personal payments serv...
6069 views comments | 15 tweets | 28 linkedin
US banks bid to crack down on 'card cracki...
5643 views comments | 8 tweets | 10 linkedin
Metro Bank to offer consumer loans via Zop...
4870 views comments | 29 tweets | 21 linkedin

Featured job

Competitive base, bonus, stock options
London, UK

Find your next job