Spanish bank launches money-transfer app focused primarily on US-Mexico remittances

BBVA, Spain’s second-largest bank that snatched adult mobile banking startup Simple for $117 million behind in 2014, is now entering a mobile income send business with today’s launch of a new app called Tuyyo. The app, that is accessible on both iOS and Android, is focused on a $73 billion annual marketplace for remittances to Latin America and a Caribbean from a U.S.

However, a use is primarily rising with income transfers from a U.S. to Mexico, where a normal volume sent by U.S. workers is about $1,900 per year, says BBVA. It also records that a U.S. to Mexico mezzanine sees over $27 billion issuing between a countries annually, creation it one of a world’s largest.

Tuyyo (whose name spelled out as “tu y yo” would meant “you and I” in English), will after hurl out to a rest of Latin America, following a commander contrast phase.

For now, a new app usually allows U.S. users to send income to family and friends in Mexico. Within mins of receiving a funds, a target can collect adult their income during thousands of income pickup locations or during any of a 11,000 Bancomer ATMs opposite Mexico, even though a bank label or account. In addition, supports can be sent directly to a bank comment during BBVA’s partner banks.

The app has a amicable member as well. In further to promulgation funds, users can optionally supplement a personal summary with a photo, that’s common in a app and sent around SMS, WhatsApp or email. In a after chronicle of a app, BBVA says users will be means to send voice and video messages, too.

Also in a destiny release, Tuyyo will supplement support for word and micro-financing, with a sender profitable bills by a app. For example, a sender could buy a new fridge where installments are paid by Tuyyo directly to a retailer.

The initial send with a Tuyyo app will usually embody a FX (foreign exchange) costs, though won’t assign a fee. Afterwards, a prosaic price of $5.49 will be combined to a FX rate. (TransferWise’s flat fee for Mexico is $3, and 1% of a volume sent, for comparison).

First-time recipients will also have to revisit a BBVA Bancomer bend to determine their temperament and accept their ATM formula that they’ll after use to repel funds.

“People feel a clever clarity of avocation to assistance out their families,” pronounced Derek White, Global Head of Customer ands Client Solutions for BBVA, in a matter about a app’s launch. “This is one approach to say, ‘We still adore we even if we can’t be together right now.’”

(Continuing this theme, app’s website even has a domain name that ends with “love” –

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Tuyyo will contest with a series of income send services on a market, including fintech unicorn TransferWise, Remitly, WorldRemit, PayPal’s Xoom, Western Union, and others.

The launch comes during a time when BBVA is perplexing to reinvent itself as a digital business that’s as nimble as a fintech startup, a new news by The Economist says. BBVA’s executive chairman Francisco González told a news classification that he expects that, eventually, his competitors will be internet giants like Facebook, Google and Amazon, and that BBVA needs to not work as a bank though rather a “digital house.”

To that end, it has over a past few years acquired large information association Madiva; digital pattern dilettante Spring Studio; digital banks in a U.S. and Finland and 29.5 percent of British online bank Atom. It also invests in fintech startups around a VC arm, Propel, a news noted.

Tuyyo is live currently as a giveaway download on a Apple App Store and Google Play.

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Posted by on Oct 16 2017. Filed under Mobile. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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