Banorte has become the first Mexican bank to integrate the most popular social media site into its money transfers. Users of Banorte’s PePer mobile app can sign in with their Facebook credentials, link up their Facebook account and WhatsApp instant messaging account, and quickly send money to their preexisting contacts (as long as their contacts have the app too). This system streamlines peer-to-peer payments and reduces security risks by eliminating the need to know recipient bank account details.
Only Banorte account holders can send money, but anyone with the PePer app can receive it, even if they don’t have a bank account. In that case, they get a code to enter into a Banorte ATM for cash retrieval. Downloading the app and moving funds between Banorte account holders is free. To connect with other financial institutions, however, there’s a 3 percent interbank electronic payment charge. Transfers are limited to 7,000 pesos per day (about US $360) and 16,000 pesos per month (about $820).
- Find the latest peso to dollar exchange rates.
According to Miguel Valero Canas, digital banking specialist at Banorte Financial Group, “The use [of the app] is intuitive, accounts are associated for Banorte clients, who link their debit accounts with PePer…If you don’t have a Banorte account but are interested in one, you can open it right there from your phone.” Other features of PePer include the ability to chat with contacts and to check balances and account history.
- The PePer App is available on the App Store and the Play Store.
Headquartered in Monterrey and Mexico City, Banorte is one of the 4 largest commercial banks of Mexico. Given that 30 percent of the country’s consumers prefer to transfer money through a mobile app—the only method that’s more popular is through a bank website on a computer—Banorte’s latest move helps it keep up with market demands.
