MIDDLEBURY, Conn., Dec. 13, 2016 /PRNewswire/ — BillMo, LLC, a US based company that provides a low cost money transfer application, announced today a new, innovative and proven means for US based individuals to safely and quickly send money to family and friends in Mexico through smartphones. The BillMo application also serves as a mobile wallet for money transfer recipients in Mexico, where it can be used to receive funds, top up prepaid mobile phones, pay for retail purchases and common bills, and withdraw cash at thousands of locations across Mexico, including all BBVA Bancomer, BanCoppel, Elektra, Pagos Intermex, Telecomm Telégrafos y Waldo’s locations.
“Through BillMo, we are utilizing the latest smartphone technology to provide a better way for US users to send money to Mexico while broadening the financial reach of the more than 44 million smartphone users in Mexico today,” said Steve LaBella, BillMo’s CEO. “Great opportunity and freedom come with BillMo’s cashless financial services for those whose spending remains primarily or entirely cash-based by making the process of sending money faster and easier while keeping US sender costs low. And through our mobile wallet, we’ve vastly extended the financial reach for thousands of Mexican recipients who now have greater control of the money sent to them. We anticipate that BillMo will set a new standard for low cost money transfer and mobile wallet applications around the world.”
With BillMo, the US sender needs only a smartphone, debit card and the beneficiary’s mobile number to send money, or they can walk in to an authorized BillMo agent location and use cash.
The cost for US smartphone senders to send money to Mexico is $0.99. Further, BillMo’s exchange rate is extremely competitive and higher than most within the industry.
For Mexican money transfer recipients, the BillMo application turns their smartphone into a mobile wallet, enabling users to perform a variety of financial transactions within Mexico. There is no cost to the Mexican beneficiary to receive funds from the US and the funds arrive within seconds.
The BillMo application was released in Q1 2016 and has a four+ rating in the Google App store. The application is currently available in Mexico with plans to make it accessible throughout all Latin America.
BillMo is currently running a promotion for new beneficiaries: Upon receiving their first BillMo app transfer of $USD10 or greater, recipients will receive 100 bonus pesos.
BillMo is available in both Google Play and iTunes Stores. For more information, visit www.www.billmo.com/apps.
The BillMo application is a service of CBW Bank, Member FDIC.