Nu México, in alliance with Felix Pago, is introducing a feature that enables Nubank customers in Mexico to receive remittances from the U.S. via WhatsApp.
To streamline cross-border money transfers, Nubank customers can now leverage this capability within the Nu app. The process is simple: users access the app, request a money link, and share it with the sender through WhatsApp. The sender then interacts with Felix Pago’s chatbox within WhatsApp. Upon completion, the money is instantly transferred in Mexican pesos to a savings account called Cuenta Nu.
Iván Canales, general manager of Nu México, stated:
“Our country has established itself as the second largest recipient of money from abroad worldwide and this new functionality allows us to continue expanding our footprint by offering a simple, easy, secure and fast option.”
Financial Inclusion in Mexico Is Still Limited
As one of the largest neobanks in Latin America, Nubank is at the forefront of narrowing the financial inclusion gap in Mexico. Before the introduction of Nu México’s Nu card, 1 in 3 customers over the age of 65 did not have a credit card.
Despite Mexico’s unbanked population being as high as 63%, ranking among the top 5 countries globally with the highest unbanked population, fintech initiatives led by companies such as Nubank are reshaping the landscape.
Similarly, in Central America, where the unbanked population stands at 38%, Mastercard—a dominant force in payment networks—is championing financial inclusion efforts.
Its recent partnership with Paymentology aims to advance financial inclusivity in Guatemala, Honduras, and El Salvador. The partnership strives to deliver convenient financial solutions to the population by providing technology, knowledgeable support, and efficient processes to support new financial institutions and fintechs in launching and scaling their operations.