Saturday, October 8, 2011

Citi and América Móvil in mobile banking venture

Citigroup and América Móvil have announced a $50m joint venture to offer mobile banking services to millions of people throughout Latin America, starting with Mexico. 

The alliance between the biggest providers of financial and telecommunications services in Latin America, dubbed "Transfer," will allow customers to use basic mobile telephones to set up bank accounts, transfer money, withdraw cash from automatic teller machines, make purchases in stores, receive payments and pay bills.



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