BBVA’s Bancomer Transfer Services, which handles a sizeable chunk of the funds sent each year to Latin America, the largest remittances corridor in the world, teamed up with media giant Univision’s products and services division to launch a digital money transfer service for the Hispanic community.
Univision Remesas is available via iOS or Android app, or online. It was developed with a fast-growing demographic in mind — the more than 57 million Hispanics in the United States — and offers quick, reliable and affordable services, multiple funding options and convenient customer support in Spanish and English.
“This collaboration brings together two trusted brands in the U.S. Hispanic community — BBVA and Univision,” said Aurora Garza Hagan, CEO of Bancomer Transfer Services. “Our goal is to continue to strengthen and financially empower the Hispanic community.”
Univision Remesas employs a simple, transparent business model, with transfer fees that start at $4.99 USD, and allows consumers to send money to family and friends within minutes. Recipients have easy access to their money via cash pickup and bank deposit options available across more than 25,000 locations in Latin America. Senders can fund the remittances through a prepaid card, bank account, debit card or credit card.
According to a Nielson Total Audience Report, the media giant’s products and services division, Hispanics in the U.S. spend 36 percent more time on smartphones per week than the general market and engage with apps 18 percent more than the general population.
“Univision Remesas will be an easy-to-use product for a key demographic,” said Garza. “We are giving Hispanics a way to manage their money in a way that’s familiar and comfortable to them. We’re the money transfer service that goes to them, on their own terms, instead of the other way around.”
Bancomer Transfer Services is part of Bancomer, the largest financial institution in Mexico and a unit of the BBVA Group. BBVA is considered a leader in the financial industry’s digital transformation, which it sees as an imperative that will help bring more people into the banking system and improve their financial health.