Gemalto announced it has been selected as the technology provider for Transfer, the service resulting from a joint venture between América Móvil/Telcel, Citibank´s Mexican unit Banamex, and Banco Inbursa. Launched October last year, the US$ 50 million mobile banking joint venture will store and manage bank accounts associated with cell phone numbers across Latin America.
Transfer will enable financial transactions in real time, 24 hours a day, from a mobile device using SMS messaging. The project is set to start operations in Mexico by the first quarter of 2012.
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Gemalto will be responsible for the service’s development, support, and operation. The company said Transfer is based on Gemalto’s LinqUs mobile payment platform, which integrates financial and telecommunication industry standards to allow users to perform transactions like transfers, air time purchasing, and cash withdrawal from the convenience of their mobile phones.
In a statement, América Móvil’s CEO Daniel Hajj Aboumrad noted the great potential of Transfer is present not only in Mexico, but also in the rest of Latin America where, “together, we carrier has around 240 million customers.”
Manuel Medina Mora, chairman of the Executive Committee of Banco Nacional de Mexico and Grupo Financiero Banamex, said the companies are “proud to lead this technological innovation effort, creating simple and convenient financial solutions for the population needs, particularly the unbanked, through a very simple formula.”
Mora said the platform has the potential to transform banking operations, initially in Mexico, and eventually throughout Latin America.
