Nubank Mexico Partners with WhatsApp to Facilitate US Money Transfers
Nubank, the digital banking giant, has joined forces with Felix Pago to enable its customers in Mexico to receive money from the United States conveniently through WhatsApp, according to Finextra. This innovative partnership brings a new dimension to cross-border transactions for Nubank users in Mexico.
To utilize this service, Nubank customers can generate a money request link within the Nu app. This link comes pre-loaded with essential recipient details, making the process seamless. Once generated, customers can easily share the link with the sender via WhatsApp.
What sets this service apart is the integration of the Felix chatbot directly within WhatsApp. Felix Pago takes on the responsibility of transferring money from the US to Mexico. Once the sender completes the transaction, funds are instantly deposited in Mexican pesos into the recipient’s savings account, known as Cuenta Nu.
In addition to the convenience of cross-border money transfers, customers can also benefit from annual returns of 15% by saving their money in «Cajitas» (money boxes).
The initial transfer through this service is free of charge, offering users an opportunity to try it out. However, for subsequent transactions, senders will be required to pay a flat fee of $2.99 per payment, regardless of the transfer amount.
Iván Canales, General Manager of Nu México, emphasized the significance of this new functionality, stating, «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.»
This announcement coincides with Nubank’s strategic expansion efforts in Mexico, where it already boasts over four million customers, offering a range of financial products, including credit cards, savings accounts, debit cards, and personal loans. Moreover, Nubank has received approval from authorities to operate as a financing company in Colombia, signaling its commitment to further growth in the Latin American market.
Nubank’s partnership with Felix Pago and WhatsApp not only simplifies cross-border money transfers for Mexican customers but also strengthens the company’s position as a key player in the fintech industry across Latin America.