Remittances saw record growth in 2021 and while growth is expected to slow (on a high comparative basis) this year, Western Union is optimistic about the recent alliance.
“Mexico became the second largest recipient of remittances in the world, which shows a wonderful evolution of the industry and the resilience of the countrymen who went to seek better opportunities in the United States,” said Pablo Porro, director of Western Union. Mexico, Central America and the Caribbean.
The manager commented that the money received by Mexican families directly impacts consumption, which is why the alliance with Mercado Pago made sense.
Mercado Pago is a digital wallet or wallet which is endorsed by the CNBV and with which you can make payments for services, purchases in different stores and recharges of the CDMX Integrated Mobility card. You can also have a card, under the Mastercard brand, and invest money with GBM with a rate of 6%.
How to receive remittances in Mercado Pago from Western Union
The person who is in the United States can go to a Western Union branch to send money. They will give you a code that the person in Mexico will enter into the Mercado Pago app.
Sending money from the United States can also be done through the Western Union app.
“Mercado pago validates with Western Union that the person who collects the money is indeed who they say they are and we deposit the remittance,” said Jorge Cabrera.
It will be the person in the United States who pays the commission for the operation to Western Union, in Mexico, the recipient will not have to pay an additional fee.
Overview of remittances in Mexico
In May, the remittances that arrived in Mexico amounted to 5,172 million dollars, a figure never seen before. In the month in which Mexican mothers are celebrated, 13.6 million operations were made with an average amount of 380 dollars.
Although the amount is a historical figure and 25 consecutive months of growth have been registered, the pace of growth has slowed down in the last three months.
It is estimated that the amount of remittances arriving in Mexico this year is close to 60,000 million dollars.
