Walmart acquired Trafalgar, a Mexican fintech that offers electronic payment solutions. By acquiring Trafalgar, Walmart expects to strengthen its vertical financial service offering.
Trafalgar’s Electronic Payment Fund account offers a fully digital process for mobile device downloads and account activation. Users can efficiently transfer funds to other platform users and any banking institution in Mexico through 24/7 interbank transfers (SPEI). Additionally, the account includes a Mastercard-supported debit card.
In 2015, Walmart sold its bank in Mexico; however, it later introduced the Cashi app in 2018 that provides credit solutions and payment for services. The Cashi app promotes financial inclusion for Walmart customers, particularly those who are cost-conscious and lack access to conventional credit cards.By the end of 2022, Cashi had accumulated approximately 5.4 million customers.
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