Latin American operator group América Móvil is launching a mobile money service in Mexico, aimed to serve the nation’s underbanked population. The service, called Transfer, will be launched by a joint venture between the operator and its banking partners: Citibank´s Mexican unit Banamex and local bank Banco Inbursa.

The firms said that their aim is to transform the mobile phone into a payment instrument for carrying out transfers, cash withdrawals and air time purchasing, in real time, 24 hours a day, through SMS messaging.  Users will also be able to manage their accounts through other self-service channels, such as interactive voice response and web sites.