Walmart's Mexico and Central America division is gearing up to introduce its debit card service, according to an executive speaking on Thursday. Known as Walmex, the company is Mexico's largest retailer. As part of its expansion into financial technology, Walmex will launch Cashi, a service competing with players like Nubank and MercadoLibre.
Walmex's head of financial services, Marcelino Herrera, announced, "Very soon we'll be able to launch our Cashi account, where we'll offer an account with a debit card." He highlighted the significance of this move for Walmart, emphasizing the benefits of receiving digital remittances through the account.
Herrera also mentioned Walmex's plans to broaden its credit services this year, with current loan approvals reaching up to 20,000 pesos ($978.24). Although the company is not currently pursuing a banking license, Herrera indicated that it might be a possibility in the future.
(Exchange rate: $1 = 20.4448 Mexican pesos)