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’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.
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.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright