Money transfer company BillMo, LLC, an American company focused on the United States - Mexico Remittance Corridor, recently announced Mobile Wallet capabilities for BillMo users in Mexico. American users of BillMo can send up to $999 a day to users in Mexico. Senders in America simply need a smartphone, the recipient's phone number and their debit card in order to send money to BillMo users in Mexico. With the BillMo app, users in Mexico receive the benefits of cashless financial services and after receiving funds can top up prepaid mobile phones, pay for retail goods, pay bills and withdraw cash at thousands of locations across Mexico. BillMo's announcement comes at a time when the United States - Mexico Remittance Corridor is being closely watched, thanks to Donald J. Trump's upcoming presidency.
Addressing Unique Financial Needs
BillMo's technology addresses a rising concern for unbanked customers. As technology increasingly becomes a societal norm and more companies and businesses require cashless payments, we see a higher demand for innovative technological solutions, such as mobile wallets.
According to a May 2016 report by the Competitive Intelligence Unit, a research firm based in Mexico, smart phone use in Mexico has risen by nearly a third since 2014. In 2015, over 70% of mobile phone users used smartphones. BillMo's application and mobile wallet will enable these users to more easily receive money and give them the ability to spend the money in "cashless" ways that they may not be able to otherwise.
BillMo CEO, Steve LaBella, commented on the company's new services for users. "Great opportunity and freedom come with BillMo's financial services for those whose spending remains primarily or entirely cash-based by making the process of sending money faster and easier while keep US sender costs low. And through our mobile wallet, we've vastly extended the financial reach for thousands of Mexican recipients who now have greater control over the money sent to them. We anticipate that BillMo will set a new standard for low cost money transfer and mobile wallet applications around the world."
