Introduction to Walmart’s Financial Inclusion Initiative
Walmart de México y Centroamérica is set to officially launch its new Cashi debit account, following a pilot program aimed at promoting financial inclusion in the country.
The Cashi Debit Account: A Comprehensive Overview
Marcelino Herrera Vegas, Walmart’s Senior Vice President of Financial Solutions, explained that the Cashi account is connected to the banking system through the SPEI (Sistema de Pagos Electrónicos Interbancarios) system.
During the pilot phase, Walmart de México y Centroamérica selected 20,000 of its most active customers in financial services usage. These participants come from diverse socioeconomic backgrounds and various states across the country.
The Cashi debit account targets a segment of the population overlooked by traditional banking: consumers with low incomes or no credit history.
Addressing the Gap in Financial Services
Herrera Vegas emphasized, “With Cashi, we can provide a bank account to millions of Mexicans who have been rejected by banks or lack the minimum balance required for a basic bank account.”
The account is designed to cater to Walmart’s Bodega Aurrá customers, who are in dire need of such financial solutions and have limited access to them from other companies.
Approximately 6 million customers visit Walmart’s 3,200 stores daily and will have access to the Cashi debit account.
Security and Benefits
The Cashi debit account is backed by a License of Electronic Fund Transfer Institution (IFPE) obtained in 2023 after acquiring the fintech Trafalgar Digital. It is supported by Mastercard and has no monthly or annual maintenance fees.
Customers can enjoy bonuses for purchases, and the physical card will be available for 50 pesos in Walmart stores. This amount will be reimbursed to the customer’s account balance.
Opening the Cashi account will take approximately two minutes, and users can receive up to 24,000 pesos in monthly deposits, withdraw cash from any ATM in Mexico and other countries, transfer funds, pay bills, recharge mobile phones, and receive remittances.
Herrera Vegas assured, “As a financial institution, we must safeguard our clients’ funds and have fraud prevention tools in place throughout all processes.”
Key Questions and Answers
- What is the Cashi debit account? The Cashi debit account is a new financial product by Walmart de México y Centroamérica, targeting low-income consumers and those without credit history.
- Who can use the Cashi debit account? Approximately 6 million Walmart customers, including those who shop at Bodega Aurrá, can access the Cashi debit account.
- What are the benefits of the Cashi debit account? The account offers no maintenance fees, bonuses for purchases, and access to various financial services like ATM withdrawals, transfers, bill payments, mobile phone recharges, and remittance receipts.
- How secure is the Cashi debit account? Walmart has implemented fraud prevention tools and safeguards to protect customers’ funds.
