Mexican retailer Grupo Coppel extends financial services to U.S.
The largest department store chain in Mexico is aiming a new mobile wallet app at Mexican immigrants living in the U.S.
The new Coppel Access mobile wallet app from Grupo Coppel was designed with the U.S. Mexican community in mind, but allows all consumers in the U.S. to open and manage an account, insured by the Federal Deposit Insurance Corporation (FDIC), using a Mexican or U.S. ID.
Once opened, consumers can use their digital or physical debit card in the mobile wallet for shopping online and on digital platforms. Consumers can also use the Coppel Access mobile wallet to make financial transfers between the U.S. and Mexico. Payments and transfers are handled via Appriza Pay, a U.S.-based cross-border payments platform which is an affiliate of the Coppel Group.
Consumers in Mexico can receive remittances from the Coppel Access app at more 1,250 branches of Grupo Coppel’s banking subsidiary BanCoppel, or directly deposit them into their BanCoppel account.
"For a decade, Mexicans living in the United States have relied on Coppel to pay their remittances. Today, they can rely on Coppel for all their financial needs in the United States," said Carlos Lopez Moctezuma, director of financial services for Grupo Coppel.
"By offering FDIC-insured accounts for sending international remittances, the Coppel Access app continues Grupo Coppel's 80-year-old mission of improving the lives of its customers," said Adrian Jaimes, CEO of Appriza Pay.
The Coppel Access mobile wallet app is available for download on Apple and Android devices through the App Store and Google Play. Users can also gain access to the Coppel Access mobile wallet online, and the Coppel Access website is accessible on a phone's home screen by adding a shortcut.
The Coppel Access account and any financial services related to the Coppel Access account services are provided by Mezu (NA), Inc. under Alviere as an agent and service provider of Community Federal Savings Bank, Member FDIC. Coppel Access accounts are FDIC-insured through its bank partner, Community Federal Savings Bank, Member FDIC.
Walmart relaunches Mexico money transfers – at a discount
Discount retail behemoth Walmart is also targeting the burgeoning U.S. – Mexico cross-border financial services market. In March 2022, Walmart reintroduced its Walmart2Walmart money transfer program in Mexico. The company is charging as little as $2.50 per transaction for money transfers from the U.S. to Mexico through the program. According to Walmart, this is at least 50% lower than similar offerings on the market.
Launched in 2014 as a way for customers to send money between U.S. stores, Walmart2Walmart began offering a money transfer service between the U.S. and Mexico in 2016. That service paused in 2018 while Walmart invested in lowering prices and boosting the infrastructure to support the new service. Walmart is relaunching this service as it says remittances to Mexico from the U.S. rose 27% from 2021 to 2022.