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Business

The money to Mexico finds a new path in apps

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Opening sequence

Business

The money to Mexico finds a new path in apps

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COMING UP:The money to Mexico finds a new path in apps

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Transcript

00:00:00
>> Hard earned cash in America by Mexican migrants a lifeline that Donald Trump is threatening to squeeze if Mexico doesn't pay up for a wall on the border. But tech companies have lunched dozens of money transfer apps to secure the flow of funds back home. Which accounted for an estimated $24 billion in 2014 and they may not be so easy to disrupt.
00:00:23
Noe Sanchez, an IT worker in San Francisco, is a recent convert.>> I was using other companies for a long time, so some day I went to a place to send money. Their system was down, they sent me to another location. I went to three different locations, the system was down and I don't have time to deal with that.
00:00:41
And I guess still there was emergency to send money for my family.>> So he found Remitly on his phone. Inputs the amount here and on the other end in Mexico his father goes to the store around the corner to pick up the cash. And he says, it's much cheaper than using Western Union which gave him the run around.
00:00:59
Reuters Gabriel Stargardter in Mexico City covers immigration.>> There's this real buzz of activity which is going on, kind of behind the scenes. On the one hand, you have mainstream political thought which is going in an anti-immigrant direction. If you peel back and the closer you see that actually, the tech industry's really laying out the welcome mat for migrants.
00:01:21
And doing everything it can to serve this underserved untapped market.>> For Kevin Toledo, a student in Mexico City, the apps mean more than just money.>> These kind of apps allow for a better relationship between people in different countries. It's a way of breaking down barriers instead of building them.
00:01:39
>> His mother in California sends $400 a month into his bank account using Zoom. And some say that's progress flowing in from the other side of the border.