Mexico allows mobile phone firms to offer banking services
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[July 13, 2009]

Mexico allows mobile phone firms to offer banking services

MEXICO CITY, Jul 13, 2009 (Xinhua via COMTEX) -- Mexico's central bank has issued rules that allow the creation of bank accounts via cell phones in a bid to boost access to banking services for rural regions, the bank said Monday.

"The rules stipulate measures to promote competition and inhibit possible discriminatory practices in transferring funds within a bank and from one bank to another," the Bank of Mexico (Banxico) said in a statement.

The rules allow cell phone companies to offer banking services as long as the service provider clearly identifies that the bank account is linked to the phone account.



Cell phone banking has been available in the United States since 2007, but the Philippines, with more than 2 million users, is the nation where the service is most widely used.

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