peper on whatsapp

App uses social media for cash transfers

Banorte teams up with Facebook to streamline sending money

An alliance between the Mexican bank Banorte and Facebook has streamlined the process of sending money transfers, even for people who do not have a bank account.

PePer is a mobile app developed by Banorte that draws user information from Facebook and its instant messaging mobile application WhatsApp.

First-time users of PePer have to link their Facebook and WhatsApp accounts with the app, as well as their bank accounts, after which they can transfer funds to people on their contact lists.

Gone are the days when one had to type in long strings of bank account numbers. By simply adding friends on PePer, transfers of up to 7,000 pesos per day (US $365) and up to 16,000 pesos per month ($834) can be done from the palm of one’s hand.

Bank account movements can be readily consulted through the app, and users also have the option to chat with each other through it.

Available for iOS and Android devices, PePer can also be used to open a Banorte bank account, although having one is not a requisite to use the app.

To receive money, users who do not have a bank account are sent a code they must enter at a Banorte ATM in order to retrieve their cash.

Money transfers between Banorte account holders are free of charge, but there is a 3% interbank electronic payment fee to link with other financial institutions.

“The use [of the app] is intuitive, accounts are associated for Banorte clients, who link their debit accounts with PePer . . . If you don’t have a Banorte account but are interested in one, you can open it right there from your phone,” said Miguel Valero Cañas, digital banking specialist at Banorte Financial Group.

If the user links a third-party bank account, he continued, they’ll only be able to receive money transfers. “That’s the only restriction . . . only Banorte account holders can send money.”

Since users have to sign in to PePer with their Facebook credentials, their banking information is safe in case of theft or misplacement of their phones.

Source: El Financiero (sp)

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