Mobile money services booming in Mexico

Global Business

Mobile money services booming in Mexico Mobile money services booming in Mexico

The use of mobile money services is booming in Latin America. A total of 37 mobile money services are now used in 19 Latin American countries. In Mexico, it is being increasingly used as an option for a country with security issues and mistrust with banks.

CCTV’s Martin Markovits reports.

Mobile money services booming in Mexico

Mobile money services booming in Mexico

The use of mobile money services is booming in Latin America. A total of 37 mobile money services are now used in 19 Latin American countries. In Mexico, it is being increasingly used as an option for a country with security issues and mistrust with banks. CCTV's Martin Markovits reports.

Increasing crime in Mexico has made these services indispensable for many citizens. Since few of Mexico’s poor and lower classes have bank accounts, or even credit cards, this and the low fees that money services offer have made this a popular banking alternative.

With such a high rate of poverty affecting Mexicans, mobile money providers may soon become the standard tool for some people to stay on top of their finances without relying on traditional financial institutions.