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Bank of Mexico looks to boost mobile payments services take-up with new rules – report

Wednesday 15 July 2009 11:20 CET | News

The Bank of Mexico has issued a series of rules targeted at mobile payment services providers, the Wall Street Journal reports quoting a press release issued by the bank. According to the same source, the regulatory initiative is part of a wider set of measures undertaken by Mexican authorities looking to boost financial services availability for consumers.

Under the new provisions, banks are allowed to resort to third parties, wireless phone companies included, in order to open mobile banking accounts for their customers. In turn, consumers can deposit amounts equivalent to around USD 600 every month in their mobile accounts and employ their handsets to carry out financial transactions. Other such banking agents are retailers contracted by a bank to conduct transactions on behalf of their clients.

Mexican authorities have attempted to increase financial services and products availability by encouraging banks to offer low-cost checking accounts and promoting the use of banking agents as alternative distribution channels to those provided by traditional banks. This is due to the fact that in Mexico, the number of brick-and-mortar bank branches present in heavily populated rural and semi-urban areas is quite small.


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Keywords: Bank of Mexico, mobile payment, mobile banking, banking agents
Categories: Payments & Commerce
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Countries: World
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