BBVA launches Mexico money transfer app
Written by Anthony Strzalek
Spanish banking group BBVA has launched online app Tuyyo, a new global money transfer service which allows people in Mexico to send money to friends and family quickly and securely.
In the initial phase – the USA to Mexico corridor – the app is expected to deliver benefits for both senders and receivers in what is the world’s biggest remittance market where more than $27 billion flows annually.
By eliminating the need for money transfer agents, and by opening up more than 11,000 ATM machines in Mexico to those receiving the money, Tuyyo offers almost instantaneous transfers and convenient access to the funds, while minimising the costs involved.
Recipients will also be able to get the funds straight from their bank account and still at cash pick up locations. Additionally, Tuyyo will allow senders to include a message with the notification of the remittance. In later phases, it is planned that this message service will expand to include voice and video messages.