“We see that many people receive money from the United States and handle it in cash and spend it quickly,” Sergio Dueñas, Stori deposit manager, said in an interview.
The manager highlighted that they want the accounts with returns to be the incentive for savers’ money to grow either as current money or in the “set aside” function that the app has.
Receiving money in remittances has the advantage that by accumulating higher average balances, users can access a credit card or a payroll loan.
Stori users have the ability to receive up to $1,000 per day and a maximum of $4,999 per month.
Although it is expected that this year, the arrival of remittances to Mexico will register a contraction of around up to 4%, this does not discourage Stori from its growth plans.
“There is a very important bilateral channel between the families of Mexico and the United States, and this is not going to change,” said Dueñas.
According to an analysis by BBVA Research, last year there were 1.5 million households receiving remittances in Mexico, which represented 3.9% of households in the country.
Within these homes, 5.5 million inhabitants resided, which is the number of people who directly depend on the arrival of this monetary flow.
Based on Enigh 2024 estimates, it is estimated that remittances represent more than 50% of current income in 360,000 households in Mexico.
