The Bank of Mexico is taking steps to promote the use of mobile devices for money transfers, according to Hispanically Speaking News. Customers can now ask their banks to link their deposit accounts to a mobile device to receive transfers.

Beginning next fall, the banks must expand the hours during which they provide money transfer services from mobile devices. And FIs will also be required to speed up the processing time for transfers, the site reported.

Processing fees for transfers to mobile devices will be reduced to 10 centavos (.0077 cents), and the Bank of Mexico also set regulations covering commissions that banks can charge clients for transfers.

Learn more about money transfer/P2P.