Ualá Announces New Benefits for Users in Mexico

Published 5 months ago

The digital banking service Ualá has unveiled two new benefits for its users in Mexico - a 5% cashback program on purchases and increased savings yield from 9% to 12%.

5% Cashback Program

Starting from October 11th and running until December 31, 2023, Ualá’s cashback program will offer users a 5% refund on purchases made with debit or credit cards, payment of services, and airtime recharges. Users can expect to see refunds of up to $500 Mexican pesos per month returned directly to their Ualá account within 10 business days following the purchase.

The aim of these additional benefits is to provide immediate savings on each transaction and allow users to make the most out of their financial services, said Andrés Rodríguez Ledermann, Country Manager of Ualá.

Increased Savings Yield to 12%

In addition, Ualá will pay a 12% annual yield on the average daily balance, with no conditions on amounts or minimum terms. The interest will be recognized daily in the client’s account.

Andrés Rodríguez Ledermann added that most people in Mexico do not have access to investment products that allow them to earn returns. The idea behind the increase in interest rate is to democratize this possibility, and encourage savings among individuals, without them having to move their money around, with immediate availability of funds and a rate that far exceeds the industry average.

Strengthening the Ualá Proposition

These announcements are aimed at strengthening Ualá’s proposition by adding value to the functionalities and benefits already available on the app. These include the ability to make transfers, receive remittances, withdraw from ATMs at no cost, send and receive money instantly without commissions, pay for services, top-up airtime, and access the Ualá+ loyalty program.

Ualá also expands its range of payment methods and strengthens the financial products of its mobile application ecosystem, including credit cards and personal loans.

Financial Education on Aula Ualá

In addition to the aforementioned benefits, individuals in Mexico can access all the financial education content of Aula Ualá at no cost. This financial education platform is available for free to all people, whether or not they are Ualá customers.