Mexico’s leading department store enters banking

Grupo Coppel, the parent company of the well-known department store chain, has introduced a new mobile wallet app in the United States, called Coppel Access, aimed at serving the unbanked Mexican-American community.

The app offers users FDIC-insured digital and physical debit cards, remittance services and aims to fill the gap left by traditional financial institutions that often require a US ID to open an account, leaving some Mexican Americans without access to banking services. The Coppel brand is well recognized and trusted by Mexican consumers who are now living in the US, and the features of the app accept official identification from both Mexico and the US for account registration.

According to the FDIC, “don’t trust banks” was the second most cited reason for unbanked consumers not having an account in 2021. Coppel Access aims to provide consumers with the trust they need in a financial service. The app allows customers to transfer money to friends and family in the US, as well as send money to Mexico, where it can be received at 1,250 locations or directly into a BanCoppel account.

Adrian Jaimes, CEO of U.S.-based Coppel affiliate Appriza Pay, says that the Mexican-American community still has strong ties to their home country, and Grupo Coppel is continuing its 80-year mission of “improving the lives of its customers” by offering some of the same services as traditional banks. Coppel Access provides users with freedom of choice for how and where they spend their money and is a critical step in encouraging financial equity in the US.

The launch of Coppel Access comes at a time when Walmart is beta-testing its own fintech platform, One. The cost of acquiring a new banking customer can range from $100 to $200, according to a study. However, brand recognition is expected to play a crucial role in the adoption of Coppel Access, as 91% of consumers who frequent a brand are willing to use financial services they offer. Coppel Access believes that consumers who already know and love Coppel will be excited to see the new app available to them in the US.