Mexican citizens have access to many financial and economic benefits thanks to WU and PagaPhone’s new partnership.
People living in Mexico have a new, convenient way to receive money from loved ones abroad—through their PagaPhone accounts. Western Union teamed up with PagaPhone to offer people in Mexico additional ways to collect and manage their remittances.
According to Pablo Porro, Head of Western Union Mexico and Central America, “Remittances are a lifeline for many in Mexico.” Mexico receives billions of dollars in remittances each year, and that number is only getting bigger. In 2021, more than 51 billion dollars in remittances were sent to those living in Mexico.
Previously, people living in Mexico who did not have standard bank accounts could only access their remittances in cash. Now, thanks to PagaPhone and WU, you can access your remittance digitally.
5 Benefits of Using PagaPhone
Transfer your money directly from your phone
One of the major benefits of using PagaPhone is the ability to make convenient transfers directly from your account. You’ll receive your remittance directly into your PagaPhone SmartPay mobile wallet, where you can easily transfer that money via SPEI (Interbank Electronic Payment System) to other bank accounts. The PagaPhone mobile wallet gives you more choice and control over your money.
Save yourself time and money
PagaPhone offers flexibility for anyone in Mexico without a traditional bank account. You no longer have to stand in line to collect your remittance in cash. You can download the PagaPhone app to your phone, if you haven’t already, and receive your remittance into your SmartPay account. This gives you total control of your funds, so you can transfer your money to a bank account through SPEI, use it by debit card, or even pay bills through the app. Plus, a commission is charged to the sender, so it costs nothing to collect your remittance.
Pay your bills through PagaPhone’s app
One of the highlights of using PagaPhone is the ability to use remittances to pay your bills directly through the app any day of the week, 24 hours a day. This added convenience allows PagaPhone customers to use your remittance to pay utility bills like water, phone, cable, and electricity through the PagaPhone app.
Withdraw cash from any ATM with a PagaPhone debit card
As a PagaPhone customer, you can now access and use your funds on a convenient Platinum PagaPhone debit card. If you prefer using cash, you can use your PagaPhone debit card to withdraw your remittance from any ATM, free of charge. PagaPhone offers multiple ways to access and use your remittance conveniently.
Build credit and an income history
One of the best benefits for PagaPhone customers is the chance to participate in other financial systems, like building credit. As you regularly receive remittances, you create an income history that’s tracked through your PagaPhone app. Over time, you can build up a credit history or participate in an insurance system. Even without a traditional bank account, PagaPhone offers this new pathway for Mexicans to build credit, save money, and have more choices managing their finances.
How PagaPhone and Western Union offer financial flexibility
PagaPhone seeks to help thousands of Mexicans gain access to financial security and choice, by bridging the gap between Mexican citizens without a bank account to the larger financial banking system. They promote financial inclusion and offer access to many economic benefits.
Western Union and PagaPhone’s partnership makes it easy for you to collect and use your remittances in a way that’s convenient. Simply tell your friends and family in America to send your remittance to your PagaPhone SmartPay account through one of Western Union’s channels, like WU’s app, website, or from any Western Union location. Then, receive your funds through your SmartPay account directly on your phone.