. A new service streamlining the flow between the U.S. and Latin America
A groundbreaking move sees digital giant Nubank partnering with Félix Pago to introduce a service that facilitates money transfers from the United States to Latin American countries. The product is currently operational in Mexico, Guatemala, and Honduras.
This collaboration merges the innovation of the Nu Account with the efficiency of Félix Pago, providing users with a very attractive -and especially, straightforward- alternative for receiving remittances.
Nubank is already established as the largest digital bank in Latin America. This week, Livia Chanes was confirmed as the new CEO of the company in Brazil.
Focused on User Experience
Users of the Nu Account can take advantage of this new service to receive payments from the United States through Félix Pago.
The process is simple; recipients in Mexico can smoothly receive funds credited through SPEI in their Nu Account. Users can share a link via WhatsApp and wait for the sender in the U.S. to complete the process through Félix Pago. The first transfer is exempt from charges. In addition to Mexico, it also operates in Guatemala and Honduras.
The App for Migrants
The story behind Félix Pago, founded by Manuel Godoy and Bernardo García, unfolds as a narrative of passion and innovation. United by the common goal of revolutionizing money transfers among migrants, they sought to make the process as simple as sending a WhatsApp message, the most common form of communication in the Latin American world.
Godoy initiated the idea in Peru, later expanding to Mexico, while García started in San Francisco, at the heart of innovation. The name “Félix Pago” is intentional, aiming to convey a sense of ease, simplicity, and a touch of happiness.
In just one year since its launch, Félix Pago has experienced a remarkable monthly growth of 40% in users, managing five million dollars in monthly remittances by mid-year.
Félix Pago has a vision beyond remittances, with a focus on financial education. The next goal of the fintech is to provide guidance on sound financial decisions, promoting saving and investment for an even more effective use of remittances.
The Value of Remittances
The significance of remittances for the Mexican economy has reached unprecedented levels, as demonstrated by the $155 billion received from the United States in 2023, according to figures published by the Inter-American Development Bank. These substantial flows underscore the crucial role these financial transfers play in supporting both the national economy and Mexican families.