A Mobile Solution for Transferring Money from the US to Mexico
Launched in early 2016, BillMo (short for Billetera Móvil or "mobile wallet") is a low-cost money transfer and mobile wallet company that is based in the US and specializes in US to Mexico remittances. Its app enables smartphone users in the US to send money to loved ones back home in Mexico simply by entering their debit card information and the recipient’s cell phone number. Recipients can then use the BillMo app as a mobile wallet and apply the funds to a variety of purposes, such as paying utility bills, making purchases at participating retailers, and filling up their pre-paid mobile phones. The funds can also be withdrawn as cash from thousands of locations throughout Mexico, including all BBVA Bancomer, BanCoppel, Elektra, Pagos Intermex, Telecomm Telégrafos and Waldo's locations.
The fact that BillMo doesn’t require a bank account makes it an ideal solution for unbanked individuals at a time when more and more businesses are asserting a preference for cashless transactions. According to CEO Steve LaBella "Great opportunity and freedom come with BillMo's cashless financial services for those whose spending remains primarily or entirely cash-based.”
BillMo users in the US can send up to $999 per day for just 99 cents per transfer using any major bank branded debit card (Visa, Mastercard, Discover). They can also visit an authorized Billmo location if they need to send cash. BillMo prides itself on a high exchange rate that exceeds what many of its competitors offer. There is no charge to recipients, and funds arrive in a matter of seconds.
A Strong Start and Plans for Expansion
In contrast to other remittance services, BillMo provides a more modern, user-friendly interface that is specifically made for smartphone users and is in keeping with design standards set by Transferwise and Venmo. This strategy makes a lot of sense given that smartphone usage in Mexico is on the rise. According to Competitive Intelligence Unit, a Mexican research firm, cell phone usage in the country increased by almost a third between 2014 and 2016. As of last December, over 44 million people in Mexico had smartphones.
BillMo is off to a strong start and is now setting it sights on the rest of Latin America. It boasts a 4.5 star rating in the Google App store and is currently the top-ranked mobile wallet app in Mexico. In addition, BillMo recently won the Mobile Money & Payments Award at the M2Banking & Fintech LatAm 2017 conference, which took place in San Francisco. Mr. LaBella expressed gratitude for the award: "BillMo's extreme rapid adoption in Mexico recently is endorsing in itself. Then adding affirmation from a judging panel of some of the industry's top professionals corroborates that we are on the right track, that the people of Mexico and all of Latin America are hungry for a simple and cost-effective app that offers financial freedom like no other. We are more than excited to be able to fill this need."
