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Nubank recently announced that its customers from Mexico will now be able to use WhatsApp to receive money from the United States. This was made possible thanks to a new partnership between the bank and Felix Pago.
How can WhatsApp help Mexican users receive money?
Customers will be able to use the service to generate a money-request link within the bank’s native Nu app. The link comes pre-loaded with all the necessary details regarding the recipient’s savings account product in Mexico.
All they need to do then is share the link with the sender using WhatsApp. Once they receive the link, the sender can interact with the Felix chatbot, also through the popular messaging app.
Felix Pago is the service responsible for sending the money from the United States to Mexico, and all it will require to process these payments is for the sender to complete the operation. The funds will then be transferred instantly, converted into Mexican pesos using the SPEI, and will be sent into the savings account known as Cuenta Nu.
Furthermore, users will also be able to generate annual returns of 15% if they choose to save their money in money boxes known as Cajitas.
Nubank explained that the very first transfer will be free, but after that, each transfer will require the sender to pay a flat $2.99 fee, no matter how big or small the payment itself is.
Nu Mexico’s GM, Ivan Canales, commented on the move by saying that the country has established itself as the second-largest recipient of money from abroad on a global level. With the new functionality enabled by Nubank and its partnership with Felix Pago, the bank will be able to continue to expand its footprint by offering a simple, secure, easy, and fast option for both senders and receivers.
Nubank strengthens position in Mexico, seeks to do the same in Colombia
Nubank is a Brazilian banking giant that has established quite a strong presence in Mexico. Despite this, the bank still seeks to further cement itself as the leading service in the country.
Currently, Nu Mexico has around four million customers who enjoy its various products, be those credit cards, debit cards, savings accounts, personal loans, or any combination of these services.
Earlier this month, the bank also revealed plans to increase its presence in Colombia and establish a greater role there, as well. The decision came after it received regulatory approval from the local authorities to start operating as an official financing company in the country.
