Elektra signs agreement with Xoom to capture more online and mobile remittances to Mexico
Xoom Now is the 2nd Largest Payout Network in Mexico, Offers 15,800 Locations
Xoom’s online money transfers to Mexico continue to outpace the growth rate of money transfers to Mexico overall. According to the Central Bank of Mexico, money transfers to Mexico increased 5.3 percent in the first quarter compared to the same period last year. Online money transfers to Mexico via Xoom grew by 58 percent during the same period.
This explosive growth was fueled partly by the rapid penetration of Hispanics using a Smartphone. According to Nielsen, Hispanic Smartphone penetration in the United States is now 57 percent with almost three in five Hispanic mobile subscribers using a Smartphone. Xoom reported that 15 percent of money transfers to Mexico via Xoom are sent using a mobile phone; 3 percent, using a tablet.
“Today, Xoom has taken another major step to meet the rapidly increasing demand for our online and mobile money transfers, and continues to deliver the highest quality customer experience,” said John Kunze, president and CEO of Xoom. “The Elektra network is Mexico's largest network and provides the recipients of a Xoom money transfer one of the most convenient cash pickup networks in Mexico with locations open every day of the year from 9 AM to 9PM."
Kunze believes that growth in online and mobile money transfers to Mexico will continue to be robust, citing recent research showing that 65 percent of Latinos in the United States are online (Pew) and more than half of Hispanic phone subscribers have a Smartphone (Nielsen). “It is only natural that more Mexicans will embrace Xoom as they get online,” added Kunze. The Central Bank of Mexico reported that Mexicans sent approximately $23 billion to their homeland in 2011. Xoom’s money transfer service allows U.S.-based customers to send money to Mexico from any internet-enabled device using a checking account or credit card to fund the transaction. The cost to send money with Xoom via checking account – up to a daily limit of $2,999 – is just $4.99.
Grupo Elektra is the latest addition to Xoom’s growing base of top Mexican networks. Grupo Elektra has more than 15 years in the money transfer business and offers one of the best services.
Xoom was founded in 2001 and is now one of the biggest and most trusted online money transfer companies in the US. Xoom offers safe and secure sending options from the convenience of a computer or mobile phone. Xoom sends money to 30 countries, including Mexico, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Peru and Uruguay.
About Grupo Elektra
Grupo Elektra is the leading financial services and specialty retail company in Latin America. The Group operates over 2,900 points of sale in Mexico, Brazil, Guatemala, Honduras, Peru Panama, El Salvador and Argentina. Grupo Elektra also sells and markets its consumer finance, banking and financial products and services trough Banco Azteca branches located in Mexico, Brazil, Panama , Guatemala, Honduras, Peru and El Salvador.