News

Nu Mexico, Felix Pago launch new functionality

Thursday 11 January 2024 13:57 CET | News

Nu Mexico, a subsidiary of Nubank, has partnered with Felix Pago to launch an additional capability that allows customers to receive money from the US through WhatsApp. 

The newly added feature intends to simplify the process of sending money between the US and Mexico and improve the cross-border money transfer environment by using technology to provide a fast, secure, and efficient experience for customers.

Nu Mexico has partnered with Felix Pago to launch an additional capability that allows customers to receive money from the US through WhatsApp.

Nu Mexico’s cross-border payment functionality

The company intends to make the process of receiving money from the US more convenient for people residing in Mexico. To begin the process, customers need to generate a money request link in the Nu app, which comes preloaded with the essential details about the recipient’s savings account product in the country. Afterward, the individual needs to share the link with the sender through WhatsApp, with the latter directly interacting with the Felix chatbot within the messaging and video calling app. This eliminates the need for downloading additional apps. Felix Pago then sends the money from the US to Mexico and, as soon as the sender completes the transaction, the amount instantly arrives in Mexican pesos through SPEI in Cuenta Nu, the company's savings account. Also, customers can generate annual returns of approximately 15% when saving their money in ‘Cajitas’.

As per the information detailed in the press release, the first transaction is free of charge, while, after that, the sender needs to pay USD 2.99 per transaction to Felix Pago, regardless of the transferred amount. The collaboration between Nu and Felix Pago solidifies the two companies’ commitment to offering a convenient and reliable financial experience for customers. According to Nu Mexico’s officials, providing the functionality to receive money in the Nu Account from the US supports the company’s objective of financially enabling people in Mexico, as well as allows it to continue and sustain its expansion. Representatives from Felix Pago underlined that the alliance with Nu Mexico highlights their company’s commitment to its customers, Latinos in the US, and their families in Mexico, while also encouraging the use of digital channels to conduct cross-border transactions instead of cash.

Nu Mexico’s development strategy

The current announcement follows Nu Mexico’s launch of its multi-product platform as the company continues to solidify its position in the region. Nu Mexico’s suite of solutions includes credit cards, debit cards, savings accounts, personal loans, and the newly added option of receiving money from the US. Prior to this announcement, the company defined its plans to increase its presence in Colombia after receiving approval from regulatory bodies to operate as a financing firm in the region.

Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: cross-border payments, online payments, digital payments, partnership, product launch
Categories: Payments & Commerce
Companies: Felix Pago, Nu, Nubank
Countries: Mexico, United States
This article is part of category

Payments & Commerce

Felix Pago

|

Nu

|

Nubank

|
Discover all the Company news on Felix Pago and other articles related to Felix Pago in The Paypers News, Reports, and insights on the payments and fintech industry: