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Mexican Bank Expands Mobile Banking Service Following Trial
Published on:
Banorte, Mexico's third largest bank, and mobile payments service provider, Rêv Worldwide have announced the expansion of MiFon, a mobile-based financial services program piloted earlier this year, explicitly designed to foster financial inclusion among individuals with limited access to basic financial services.
The MiFon product, now available in Mexico to anyone with a mobile phone, offers users the security of not having to carry cash with the convenience of paying for services such as water, telephone, light and Cable TV via SMS, by combining a simplified bank account that links their mobile to a MasterCard Debit card that is accessible and re-loadable across thousands of retail locations nationwide.
Guillermo Ortiz, Chairman of the board of Grupo Financiero Banorte noted, "The national launch of MiFon is made possible thanks to the recently approved regulatory framework with regards to the implementation of the banking correspondents form."
Unlike other banking products in Mexico, including those tied to a mobile device, MiFon is a bank account that can be opened through a phone call and without the need to visit a bank branch, regardless of carrier.
The Banorte prepaid debit MasterCard will be available nationwide at any Telecomm location, and available for reload there or any Banorte Bank Branches or 7-Eleven store. Other retailers and program features and services to follow.
Tags: [mobile banking] [Mexico]
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