Key Banks Collaborate to Expand Shared ATM Network
BanCoppel and Multiva have recently announced their integration into Multired, an alliance that includes prominent banks such as HSBC, Scotiabank, Inbursa, BanBajío, Banregio, and Mifel. This collaboration allows customers from any of these institutions to access ATMs without incurring fees for balance inquiries and cash withdrawals.
Expanding the Largest Banks’ ATM Collaboration Network in Mexico
With the addition of BanCoppel’s and Multiva’s 2,300 ATMs, the Multired alliance now boasts over 11,800 shared ATMs across the country. This extensive network serves more than 28 million customers from eight participating banks.
- BanCoppel and Multiva join HSBC, Scotiabank, Inbursa, BanBajío, Banregio, and Mifel in the alliance.
- The combined ATM network now offers access to over 11,800 shared ATMs.
- This collaboration serves more than 28 million customers from the eight participating banks.
Benefits of the Collaboration
The alliance aims to enhance financial inclusion by providing cost-free ATM access for customers nationwide. This initiative expands the available infrastructure, reduces travel costs and time, and strengthens financial inclusion.
According to the Comisión Nacional Bancaria y de Valores (CNBV), Multired’s 11,800+ ATMs account for over 18% of the total 63,000 ATMs in Mexico.
Promoting Financial Inclusion
Carlos López Moctezuma, Director of BanCoppel, emphasized the importance of this alliance in fostering financial inclusion.
“The eight banking institutions agree on the relevance of facilitating access to services for all our customers in a more agile, effective manner with increasing contact points and without any cost,” López Moctezuma stated.
Tamara Caballero, Director of Banco Multiva, echoed this sentiment by highlighting the shared commitment among participating institutions to deliver tangible benefits to their customers.
“The more than 11,800 ATMs available 24/7, 365 days a year, reaffirms our commitment to being closer to our customers when they need us most,” Caballero said.
Cash as the Preferred Payment Method
The banks underscored that cash remains the dominant payment method in Mexico, accounting for over 80% of transactions under 500 pesos. This emphasizes the value of free ATM access for millions of people.
Key Questions and Answers
- What is Multired? An alliance of banks in Mexico that allows customers to use ATMs from participating institutions without incurring fees.
- Which banks are part of Multired? HSBC, Scotiabank, Inbursa, BanBajío, Banregio, Mifel, BanCoppel, and Multiva.
- How many ATMs are now part of the Multired network? Over 11,800 ATMs from all participating banks.
- What is the significance of this collaboration? It expands financial inclusion by providing free ATM access, reduces travel costs and time, and strengthens the ATM infrastructure.
- Why is cash still a preferred payment method in Mexico? Cash accounts for over 80% of transactions under 500 pesos, making free ATM access valuable for millions.
