Telcel teams up with financial institution Banamex, a unit of US Citigroup, to instigate an SMS-based mobile banking service. To avail this service, Telecel subscribers have to change their SIM card with a special card with security settings available at Banamex branches. The subscribers have to link their phone numbers to their Banamex credit card account, and request account information, make credit card payments and pay phone and electricity bills via SMS. The limit for each transaction has been set at MXN 6 million (EUR 320). Telcel’s Director of Value Added Services Marcos Quatorze, said, Telcel’s parent company America Movil forecasts that almost 2.9 % of its overall mobile user base in Latin America will use mobile banking services by 2010, a figure expected to increase to 9 percent by 2012.
Source: Wireless Federation.