Digital security provider Gemalto announced it will be the technology provider for a new mobile payment joint venture in Mexico. The JV, called Transfer, is a partnership between América Móvil/Telcel, Banamex and Banco Inbursa. Banamex is Citibank’s Mexican unit.

Transfer will provide financial services, mobile top-up and payments through SMS text messaging.

Once it's up and running, Transfer has the potential to become the world's largest mobile payment project to date. América Móvil has approximately 240 million mobile phone subscribers and is the largest telecommunications services provider in Latin America. It operates in 18 countries. Its Telcel unit in Mexico has more than 67.5 million customers.

"Transfer is a service that arises from the combination of two highly technologically sophisticated systems, with a large coverage: banking and telecommunications," said Daniel Hajj Aboumrad, CEO of América Móvil. "The great potential of Transfer is present not only in Mexico, but also in the rest of Latin America where, together, we have around 240 million customers."

The services offered by Transfer will be aimed at both banked and unbanked consumers in Mexico. According to the World Bank, more than 75 percent of Mexicans have no access to basic financial services. For rural Mexicans, that number rises to nearly 94 percent.

"We are proud to lead this technological innovation effort, creating simple and convenient financial solutions for the population needs, particularly the unbanked, through a very simple formula," said Manuel Medina Mora, chairman of the executive committee of Banco Nacional de Mexico and Grupo Financiero Banamex. "We are aware of the potential that this platform has to transform the banking operation, initially in Mexico, and expanding it to Latin America."

As technology provider to the JV, Gemalto will be responsible for service development, support and operation, the company said. Transfer will be based on Gemalto's LinqUs mobile payment platform and will let users perform financial transactions such as money transfers, air time purchasing and cash withdrawal on their mobile phones.

"Transfer benefits from Gemalto's solid global experience in both the banking and telecommunications sectors, holding a large number of mobile financial services programs worldwide," added Rodrigo Serna, Vice President Telecommunications of Gemalto Latin America. "This major project strengthens the relationship with América Móvil, Banamex-Citigroup and Inbursa for the development of mobile financial services across the region."

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