The Central Bank of Mexico has unveiled that money transfers to Mexico have increased 5.3 percent in Q1 2012 as compared to the same period in 2011. Online money transfers to Mexico via Xoom have also jumped 58 percent during the same period. The same source has reported that Mexicans have sent almost USD 23 billion to their homeland in 2011.
This increase was partly determined by the rapid penetration of Hispanics using a smartphone. According to research company Nielsen, Hispanic smartphone penetration in the US 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, while 3 percent are using a tablet.
Xooms money transfer service allows US-based customers to send money to Mexico from any internet-enabled device using a checking account or credit card to fund the transaction. Elektra offers the recipients of Xooms money transfers more than 2,000 additional pick-up locations in Mexico through Elektra stores and Banco Azteca branches.
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