Austin, TX (PRWEB) October 02, 2012
Banorte, Mexico’s third largest bank, and Rêv Worldwide, a payment innovation solutions company, announced the national expansion of MiFon, a mobile-based financial services program piloted earlier this year, explicitly designed to foster financial inclusion among individuals with limited access to basic financial services.
The MiFon product, now available in Mexico to anyone with a mobile phone, offers users the security of not having to carry cash with the convenience of paying for services such as water, telephone, light and Cable TV via SMS, by combining a simplified bank account that links their mobile to a MasterCard Debit card that is accessible and re-loadable across thousands of retail locations nationwide.
Guillermo Ortiz, Chairman of the board of Grupo Financiero Banorte noted, “We are committed to taking significant steps to reach the banking and financial inclusion levels that our country demands. The national launch of MiFon is made possible thanks to the recently approved regulatory framework with regards to the implementation of the banking correspondents form.”
MiFon utilizes Rêv Worldwide’s global prepaid debit processing and mobile payments platform, enabling Banorte to expand its reach of financial services throughout the entire country. Unlike other banking products in Mexico, including those tied to a mobile device, MiFon is a bank account that can be opened through a phone call and without the need to visit a bank branch, regardless of carrier.
“We are proud to be a part of the mobile banking revolution in Mexico,” said Roy Sosa, CEO of Rêv Worldwide.
Combining the use of alternate and innovative banking channels with the most advanced mobile payments technology today, each MiFon account will be linked to the mobile phone number that the client selects. The Banorte prepaid debit MasterCard will be available nationwide at any Telecomm location, and available for reload there or any Banorte Bank Branches or 7-Eleven store. Other retailers and program features and services to follow.
About Rêv Worldwide
Dedicated to driving widespread commercial availability of financial services around the world, Rêv Worldwide helps partners rapidly and effectively access hard-to-reach markets and enables consumers to make affordable, safe and convenient financial transactions. Rêv’s full range of integrated mobile and prepaid card solutions – including Rêv-branded, co-branded and affinity products – are issued by banks, powered by its multi-language, multi-currency processing platform and delivered by partners and directly to consumers through its growing retail network. Rêv is headquartered in Austin, Texas and operates in North America, Latin America, Europe, and Asia-Pacific and is a member of the MPOWER Ventures investment portfolio. Learn more at http://www.revworldwide.com.