Major Mexican Bank Integrates Facebook with its Mobile Money Transfer App

| |

Banorte Integrates Facebook with Money Transfer App

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).  

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.

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.


Marisa Fasciano
Content Specialist
Marisa is a communications consultant based in New York with a background in social research, diversity education, and nonprofit development.  She has lived and traveled abroad extensively… Read more

Most Read

Use Our Currency Comparison Tool

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.