“Transfer” mobile payment system launched in Mexico
Baku, April 20 (AZERTAC). President Calderón attended the launching of the “Transfer” mobile payment system. He explained that it is a technological platform that will perform bank operations such as deposits, transfers to cell phones and air-time purchases 24 hours a day. Moreover, account holders will be able to withdraw money from ATM without using credit or debit cards through a code received in their cell phones. The president added that the system is already being used in other countries and has proved effective in increasing financial inclusion, crucial to promoting social justice and economic efficiency, particularly for sectors of society that lack access to formal financial services or where traditional banking infrastructure is unavailable. He explained that the lack of coverage and access forces them to resort to informal intermediaries, which are costlier and less reliable, which in turn makes them financially more vulnerable. Efforts to expand financial inclusion in Mexico include regulatory modifications to incorporate the figure of Cell Phone Banking; the creation of the National Council for Financial Inclusion and the promotion of changes in the legal and regulatory framework to facilitate the setting up of basic bank accounts; the legal establishment of the figure of banking correspondents and effects in regard to financial education and consumer production, by establishing minimum information standards in bank statements. Later on, the president added that promoting financial inclusion is one of the most important aims of Mexico, which is G20 chair this year. In particular, he mentioned that the Los Cabos Leaders` summit will promote a reciprocal financial learning program in regard to financial inclusion and develop guidelines for financial education and consumer protection in order for inclusion strategies to be as effective and equitable as possible. He added that the recommendations submitted by the B20 focus on the expansion of the coverage, efficiency and security of transfers by mobile means, better quality of telecommunication services to improve connectivity and mechanisms to enable government agencies to provide services for remote communities.
Lastly, President Calderón expressed his confidence that joint efforts by government and firms will increase Mexico`s development and the speed at which access to formal insurance, savings and credit will be increased.
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