“There is a very strong combination of credit and returns in the interest of new users. We started with a mainly payment application, cell phone recharges and payment of services are done, but a large part of users today download us for generating returns and have access to credit,” he points out.
Mercado Pago has more than 4 million customers who save their money with a return rate of 10.5%, thanks to an alliance they signed in 2020, and which closely follows the reference rate of the Bank of Mexico.
“Your balance is invested in a fund that invests mainly in Cetes or bonds and that money is safer,” says Cabrera. The manager adds that, unlike some of their competitors, they will not be announcing the reduction of their rate every time Banxico makes a movement to the reference rate.
Cabrera celebrates that in the face of a cycle of high interest rates, Mexicans have become interested in investing their money and explained that since the returns functionality was launched, the company has tripled its users’ money in six months.
Last January, the app launched a feature so that customers could make sections and these same sections also generate returns. Users save an average of 2,300 pesos on average and the main destinations of this money are: emergencies, general savings for vacations, paying rent and purchasing a car.
When asked about new investment products, in addition to daily returns, Cabrera said that for the moment they will not launch more complex investment products until they can observe greater financial education among users.
“I do not rule out that in the medium or long term we may have something, but for now we are focused on these simple products with daily performance,” he points out.
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