Nu México continues its commitment to the digitization of Mexicans’ finances, integrates Dimo into its app

Mexico City, January 15th, 2024. Nu México, a transparent, clear and humane digital finance company, announced the integration of its app to Dinero Móvil (Dimo), the new transfer platform of Banco de México (Banxico), to simplify digital transactions. In this way, it is possible to send and receive money, using as reference the ten digits of the recipient’s cell phone number without any commission or cost to users.

“At Nu México we work to free people from the complexity of managing their finances, which is why we are committed to providing a simple user experience. We see in Dimo a great opportunity to simplify money transfers, reduce the use of cash and boost the digitalization of the country’s economy,” said Iván Canales, Managing Director of Nu México. “Dimo will be available to our customers progressively, starting with those who are part of the Nu Community, who will gradually find in the Nu app a button or section to make Dimo transactions in an intuitive way. We are excited to offer an additional option for our customers to receive money in Cuenta Nu, and see it grow on a daily basis,” he added.

With this new way of making transfers, users do not need an account number, CLABE or the name of the recipient. It is enough to have information that we normally have in our cell phone’s address book, such as the phone number. On the main Nu app screen, customers can easily initiate the registration process with Dimo. This process allows the user to link their phone number with their Cuenta Nu, or transfer through Dimo without going through the registration process. After a simple explanation of “What is Dimo?” and the benefits of registering their cell phone number with their account, Nu prompts the user to validate that the phone number they signed up with when they opened their Cuenta Nu is the same one they are currently using. If it is no longer their current phone number, they can change it during the process with the help of a validation code sent to their new cell phone number. Once the Privacy Notice displayed after this process is accepted, Nu sends the request to link the account with the user’s cell phone number to Banxico. Once this confirmation is received, the customer can start receiving money with Dimo.

Dimo in Mexico

Dimo transfers are highly secure, backed by Banxico and use the SPEI infrastructure. They allow the generation of receipts for detailed tracking and verification of the beneficiary’s initials before completing the transaction. The integration of this functionality into the Nu app follows the principles of providing a fast and secure experience that simplifies everyday financial needs.

Another benefit of Dimo is that it will allow Nu customers to reduce the use of cash, reducing the risk of robberies and losses. A relevant point considering that during the first quarter of the year, citizens perceived ATMs as one of the two places where they felt most unsafe, according to Inegi’s National Urban Public Safety Survey. Additionally, the traceability enabled by electronic transactions helps to prevent illegal activities, while the reduction of costs related to cash handling benefits the country’s entire financial ecosystem.

The transition to digital payment methods also boosts financial inclusion and fosters innovation in technologies that improve the accessibility and efficiency of financial services. Among other advantages, it helps to save time for consumers and businesses, since this payment tool can be used between individuals and even with businesses. For this reason, and in order to continue contributing to the digitalization of finances in Mexico, Nu seeks to work hand in hand with public institutions to promote tools such as Dimo.

With the integration of Dimo, Nu México reaffirms its commitment to provide innovative financial solutions that adapt to the changing needs of Mexican users and empower them to have control of their finances in the palm of their hands.

For more information and details on how to get started with Dimo, please visit Nu www.nu.com.mx or https://comunidad.nu.com.mx/