Bancomer Adds Mexican Walmart Stores to Remittance Network (June 30, 2014)
Customers of Bancomer Transfer Services Inc. (BTS) will have more than a thousand additional locations in Mexico to collect cash remittances—the result of an agreement last week between BTS, part of BBVA’s U.S. operations, and Wal-Mart de Mexico y Centroamerica, a subsidiary of Wal-Mart Stores Inc. The deal expands the reach of BTS’s money transfer system, which already had 12,000 payment locations in the country. Recipients will be able to collect money sent from the U.S. at 1,100 Walmart stores in Mexico. In April 2014, remittances to Mexico grew 2.1 percent compared with the previous year, according to Mexico’s Central Bank.
P2P is one of the fastest-growing categories of payments worldwide, with big-name companies testing the waters or diving in. Walmart launched its Walmart-2-Walmart Money Transfer Service in the U.S. this past spring, enabling customers to transfer money from one store to another at more than 4,000 U.S. Walmart locations.
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