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31 Mar 2014

Saldazo: another innovative product

In its ongoing effort to offer new products and services, Oxxo, in an alliance with Banamex and VISA, launched this year the Saldazo card, a quick and easy to open mobile banking product that cardholders can use to make deposits, withdrawals and special purchases at Oxxo.

More than 55% of Mexicans have no savings product with a financial institution, and this is the target market for Saldazo.

The cards can be acquired at Oxxo stores with a few basic requirements, and there are no fees or minimum balance. Among other benefits, they enable users to deposit up to 7,000 pesos a month in savings and withdraw up to 500 pesos at any Oxxo store, for a fee of 10 pesos, and free of charge at Banamex cashiers; or paying the corresponding fee at any other bank.

Once the account is activated, Saldazo provides a service called Transfer, to make mobile payments, transfers and account inquiries. It works through text messages on Telcel mobile phones and is available 24/7. The service is subject to some restrictions, depending on the model.

Saldazo is accepted everywhere in the Mexican Republic, in VISA affiliated establishments and as a means of payment in Oxxo stores. Some 200,000 cards have already been sold.