Walmart is targeting unbanked consumers in Mexico with an app relaunch.
Walmart is expanding the app-based services it offers unbanked consumers in Mexico.
Walmart Mexico and Central America, the discount giant’s Latin American subsidiary, is releasing a new version of its in-house digital payments app for Mexican consumers, Cashi more than just cash. The revamped app is focused on offering unbanked customers low-cost solutions and added flexibility to make digital payment needs.
Cashi more than cash provides customers with access to over 70 digital payment services, including using a smartphone to make purchases online, as well as across all in-person locations - including Bodega Aurrera, Sam’s Club, Walmart Express, and Walmart Supercenter locations in Mexico. Customers also gain access to recharge talk, text and internet connectivity services, including Walmart’s prepaid phone and internet service, Bait.
In addition, the upgraded app enables digital payment of external connectivity services, including Walmart’s mobile phone and internet packages, with zero commission fees. Transference of credit is granted by external credit institutions and third-party companies, to be used across Walmart’s Mexico and Central America stores. Customers in Mexico can pay through the Cashi more than cash app at any Bodega Aurrera, Sam's Club, Walmart Express or Walmart Supercenter location.
“With Cashi more than cash, our customers will be able to access a wide range of services that support our goal of helping people save money and live better,” said Guilherme Loureiro, executive president & CEO of Walmart Mexico and Central America. “As of today, we have over 3.4 million users on the app. With the launch of this update, we hope to be able to reach a wider range of customers and help close the digital payments accessibility gap for our unbanked customers.”
Walmart relaunches Mexico money transfers – at a discount The relaunch of its Cashi more than cash app is Walmart’s second major financial services move in Mexico in recent months. In March 2022, Walmart reintroduced its Walmart2Walmart money transfer program in Mexico. The company is charging as little as $2.50 per transaction for money transfers from the U.S. to Mexico through the program. According to Walmart, this is at least 50% lower than similar offerings on the market.
Launched in 2014 as a way for customers to send money between U.S. stores, Walmart2Walmart began offering a money transfer service between the U.S. and Mexico in 2016. That service paused in 2018 while Walmart invested in lowering prices and boosting the infrastructure to support the new service. Walmart is relaunching this service as it says remittances to Mexico from the U.S. have risen 27% from 2021.
In 2017, Walmart added new “rollback” fees to the Walmart2Walmart money transfer program. The new fees save customers between 20% and 90% on cash transfers versus the leading competitor, according to Walmart. For example, shoppers sending $250 at the time would pay $8 through the new program, compared to fees that might range between $12.50 and $24 at competing services.
Walmart Mexico and Central America (Walmex) operates in six countries: Costa Rica, El Salvador, Guatemala, Honduras, Mexico, and Nicaragua. At the end of the first quarter in 2022, operated 3,631 stores and clubs in 696 cities, as well as 32 distribution centers in the region.