Nu México, one of the leading digital finance companies in Mexico, announces the evolution of its second product in the Mexican market, Cuenta Nu. As of April 17, Cuenta Nu users will find new product features, which has been enriched by feedback from users participating in the beta phase, who have had early access to the digital savings account and debit card.
Cajitas, the best way to have yield, security and financial planning 24/7
One of the new features of Cuenta Nu is that from April 17 on its users will have access to “Cajitas”, a space within the Nu app where customers will continue to have yield and access to their money 24/7, but with an additional layer of security since the balance will not be visible in their savings account nor will it be available for withdrawals or purchases through the debit card. Cajitas will also help Cuenta Nu users to have better financial planning, as it will allow them to set aside money for specific financial goals.
The yield of the Money Boxes will be an annual 9% interest, growing from the current 8.5%. This interest rate will continue adapting to the macroeconomic environment to continue being one of the most competitive in the market. This yield will now be reflected only in Cajitas.
“We are very excited to strengthen the value offer of Cuenta Nu with the arrival of “Cajitas”, as it will help Mexicans to better organize their finances and meet their savings goals, at the same time that it will allow them to grow their money daily with one of the most attractive interest rates in the market and 24/7 liquidity. The Cajitas experience is simple, like everything we do at Nu; customers simply have to send the money they want to separate to the Cajita and from there they will see their money grow”, Miguel Ludlow, Nu México’s Product Leader, comments.
Nu México identified that one of the main barriers to saving is the lack of financial organization, since in a survey carried out by the purple digital finance company among 1,500 people between the ages of 18 and 45 in Mexico, 40% of them responded that among the reasons for not saving is the occurrence of unbudgeted expenses and they do not have enough money at the end of the month (39%) while 14% indicated that they did not know how to organize their money and 12% indicated that, as a consequence of this, they have no control over their finances. In many cases, saving is prevented by a conjunction of these main reasons.
How to send money to Cajitas to have returns of 9% annual interest rate?
To transfer their money to their Cajita, Nu customers only need to enter the Cuenta Nu in their app, click on the Cajita and then on the purple button that says “add” and transfer the money you want to yield on to this safe space. To withdraw the money from the box and make it accessible through the debit card, follow the same steps, but with the “withdraw” button. Thus, in just 3 clicks, Cuenta Nu users will be able to protect their money, but also have it available 24 hours a day, 7 days a week.
Cash withdrawal in supermarkets
Likewise, as of April 20, Cuenta Nu customers will be able to withdraw cash at any of the cashiers of Mastercard’s partner supermarket network such as Walmart, Soriana and La Comer, among others. For this cash withdrawal Nu will not charge any type of commission or fee, however it is subject to minimum purchases assigned by each supermarket and will have a withdrawal limit of $2,000 pesos per day.
“Despite the fact that cash is still considered unsafe or difficult to manage, during our Cuenta Nu co-creation process, we understood that around 40% of our clients withdraw cash daily to cover day-to-day needs, such as, for example, use public transport. That is why we work hand in hand with our ally Mastercard to prioritize this cash withdrawal option in its network of allied supermarkets. We are happy to announce to our customers that this option is now a reality.”
Likewise, cash withdrawal is enabled at any ATM in the country, also free of commission by Nu, although ATMs can charge a fee for this movement.
“At Nu, our products are never finished, as we are always working for their evolution based on the feedback we receive from our purple community. Cuenta Nu and its features will continue to evolve to adapt even more to the needs of Mexican men and women. We are very excited about the impact that Cuenta Nu will have on responsible financial inclusion in the country” Ludlow concludes.
