The report adds that the global financial market will be worth 1.15 trillion dollars in 2032 and that there are nearly 92 million fintech users in Mexico.
Nu and Banco del Bienestar, the most downloaded financial apps in Mexico
In Mexico, 78% of smartphone users are Android and 21% are iOS users, according to data from Statista.
As of the first quarter of 2024, 68.8% of smartphones in the country are mid-range, 19.8% are high-end, and 11.4% are low-end, according to data from The CIU.
The applications most downloaded by users of Android are:
– Cashi
– Welfare Bank
– No
Financial apps that more downloads users of iOS are:
– No
– Cashi
– BBVA
Cashi is Walmart’s digital wallet that customers of Bodega Aurrerá, Superama, Sam’s Club and Walmart stores use to pay in stores. Users store money in the app and can use it to pay for services such as electricity, water or telephone. The account is limited to 60,000 pesos.
In the second quarter of the year, the chain of stores’ app granted 150,000 pesos in credits, although it did not disclose the number of users it has. The most recent data is from the end of 2022, when they had 5.4 million users.
Banco del Bienestar is the app launched by the government in September 2022 with which beneficiaries of social programs such as the elderly and according to government data, 13.9 million people receive pensions and welfare programs through the card.
Nu is a financial institution that currently operates as a Sofom but has applied for its banking license, which will be ready in the coming months. It is a company of Brazilian origin that began by giving credit cards to people without a credit history and already offers products such as debit accounts and accounts with returns.
BBVA is the largest bank operating in the country and had 31.5 million customers as of last June, of which 71 million use the app.
