Banco Popular on Thursday unveiled a new tool through which clients can send cash to other people even if they do not have a bank account.
The feature, called “Retiro Móvil” is free and is part of the bank’s “Mi Banco Móvil” application.
The process is simple. Popular clients open their “Mi Banco Móvil” app and types the recepient’s mobile number. The person who will get the cash receives a text message and can go to any Banco Popular ATM teller to withdraw cash, even if they do not have a bank account or an ATM card.
The only thing the person receiving the money should have is a smartphone and have downloaded the “Mi Banco” application, which is available for free on the App Store or Google Play. They must register and scan a code that will appear on the ATM screen once they press the “Retiro Móvil” option on their device.
“Today, we do everything from our mobile devices and we have seen that services like ‘Mi Banco Móvil’ and ‘ATH Móvil’ have been extremely successful in modifying how we handle our accounts and pay others digitally,” said Rachid Molinary, first vice president of Popular Digital Strategy.
“After listening to our clients, we saw that there are still times when they need to write a check or pay in cash when they had to give money to people who do not have a bank account. ‘Retiro Móvil’ is the first digital service in Puerto Rico that manages to satisfy that need,” he said.
Retiro Móvil joins other features included in “Mi Banco,” such as: “Depósito Fácil Móvil,” payments, transfers, and “ATH Móvil.”
“Customers are eager for services that allow them to carry out their transactions in an easy and fast way. The results with our clients show us that ‘Retiro Móvil’ will not be the exception,” said Vivien Montañez, first vice president of Individual Banking, who gave as reference the acceptance of services such as “Depósito Fácil” that allows deposits to be made without envelopes or papers, which generates 600,000 monthly transactions for the bank.