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Banco Popular app feature allows for ATM withdrawals

By on June 15, 2017

SAN JUAN – Banco Popular announced Thursday a new service that will allow bank customers to send cash to other people even when the recipient does not have an account with the bank.

The service, called Retiro Móvil, is a free feature in the bank’s mobile application, My Mobile Bank.

The simple process requires the bank customer to type the recipient’s phone number in the app. A text message is sent to the recipient, who may go to any Banco Popular ATM to withdraw the cash, even if they don’t have an account with the bank or an ATM card. All the payee needs is a smartphone and the My Mobile Bank application, which is available on Apple’s App Store or Android’s Google Play.

“Today, we do everything from our mobile devices and we have seen that services like My Mobile Bank and Mobile ATM have been extremely successful in modifying how we manage our accounts and pay others digitally. After listening to our customers, we saw that there are still times when our customers need to write a check or pay in cash and that was when it was about giving 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,” Rachid Molinary, first vice president of Popular Digital Strategy, said.

For those who receive the money, they only need to download the My Bank application, write their first and last name in a registration process that does not require having a bank account number and scan a code that will appear on the ATM screen and press the “mobile withdrawal” option.

Banco Popular is betting on the success of this new tool because “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, which allows deposits to be made without envelopes.

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