Companies Come Together to Increase Financial Inclusion
Nu introduced a new product that seeks to break the cycle generated by informal savings in Mexico. Meanwhile, Ualá Bis celebrated its anniversary in Mexico announcing that legal entities will be able to use the platform. Finally, Mercado Pago and Grupo Bursátil Mexicano (GBM) have allied to increase access to investment products among Mexicans.
In other news, MAPFRE reports that the main concern for the Mexican economy is a possible recession in the US.
This and more in your weekly roundup!
Breaking the Cycle of Informal Savings
Over half of Mexicans continue to save informally, according to the latest National Survey of Financial Inclusion (ENIF, 2021). This mechanism is void of legal safeguards against theft, inflation and other risks. Privy to the public need for a formal savings financial service in Mexico, Brazilian fintech company Nu has launched Cuenta Nu, an intuitive savings tool with no minimum balances, commissions or maintenance costs, as announced by the company.
A Recession in the US Could Affect Mexico’s Economy
The most significant risk to Mexican economic activity is an eventual recession in the US, warns MAPFRE Economics. However, the Mexican economy could benefit from the relocation of the production chains of US multinational companies. Nearshoring could benefit Mexico by bringing production lines from Southeast Asia closer to the country. As a result, Mexican GDP growth is expected to reach 1.2% in 2023 and 1.5% in 2024, says MAPFRE.
Ualá Bis Celebrates its First Anniversary in Mexico
While celebrating its first anniversary in Mexico, digital payment solution Ualá Bis announced that it would allow legal entities to register on its platform. In addition to entrepreneurs, legal entities will have access to the 100% digital, easy and secure payment alternative. This solution will have a commission of 2.99% plus VAT, a lower percentage than other options on the market, which are often between 3.4% and 3.6% plus VAT. Ualá Bis will allow businesses to charge through a payment link and a card reader, allowing merchants to access a payment tool at digital and physical points of sale.
Mercado Pago, GBM Bring Investment Opportunities to Mexicans
Three years ago, Mercado Pago, Mexico’s largest online payment platform, and Grupo Bursátil Mexicano (GBM) set out to increase access to investment products among Mexicans. Now, The money invested in GBM through the Mercado Pago app generates more than 10% returns, equivalent to more than MX$8 million (US$445,232) per month, report both companies. More than 1.5 million app users have their money generating daily returns and with immediate liquidity.