Retail giant Walmart (NYSE:WMT) de México has unveiled a new payment option for its digital app users, allowing them to make purchases online and pay in installments without needing a credit card. This move is expected to cater to a significant portion of the adult population in Mexico, who are seeking more flexible financial solutions. The inclusion of this payment method within Walmart’s ecosystem reflects a broader trend towards adapting to customer needs in an increasingly digital marketplace. Recent developments highlight the growing focus on integrating financial solutions to enhance customer experience.
Previously, Walmart de México had explored various digital payment options to cater to the evolving consumer market in Mexico. Cashi, the company’s digital payments app, already aimed to blend traditional banking with digital payment solutions across Mexico. Now, by partnering with Aplazo, Walmart takes another step forward in digital finance, meeting customer demand for flexible payment solutions in a rapidly digitizing world.
What’s Driving the New Payment Integration?
The new payment feature is powered by a strategic collaboration between Walmart de México and the buy now, pay later (BNPL) company Aplazo. As part of this integration, Aplazo has preapproved 1.5 million credit lines, facilitating access for many consumers who may not have traditional banking credit facilities. This partnership allows app users to register and gain approval for installment plans in less than five minutes. They can select their preferred number of biweekly payments and have immediate visibility into the payment amounts and total purchase cost.
How Does This Benefit the Mexican Consumer?
The integration offers consumers an alternative way to access credit, particularly benefiting those who might not have access to traditional banking systems. Aplazo CEO Ángel Peña highlighted,
“In Mexico, over 60 million adults need flexible financial options, and with this integration, we’re taking a firm step toward true inclusion and becoming the preferred payment method in Mexico.”
This indicates a shift towards meeting diverse consumer needs in a specific financial landscape. Walmart anticipates this will cater to a wider customer base and potentially attract new users to its platform.
Santiago Benvenuto, head of financial solutions at Walmart de México, emphasized the enhanced shopping experience this offers by stating that additional payment methods provide convenience and wider choice. He remarked,
“Together with Aplazo, we are driving new purchasing options and helping families save money and live better.”
Such statements underscore the potential positive impact on customer satisfaction and retention.
Research by PYMNTS reveals an evolving mobile-first consumer market in Mexico, with approximately 50% of consumer purchases made via mobile systems. Additionally, reports indicate significant friction in online purchasing due to payment issues; thus, solutions like those offered by the Walmart and Aplazo collaboration can reduce such barriers and align with market trends.
Overall, the alliance between Walmart de México and Aplazo delivers more than just a financial product; it signifies a coordinated response to the needs of a shifting consumer base. The strategy focuses on improving the digital consumer experience while also addressing broader issues of financial inclusivity. Observers will be watching to see how widespread adoption of this BNPL service becomes and whether it catalyzes further developments in the digital finance sector in Mexico.
