cashi

Cashi is a digital financial services platform operated by Walmart de México y Centroamérica, designed to promote financial inclusion among Mexico's underbanked population. Launched initially in 2018 as a closed-loop digital wallet for payments within Walmart stores, Cashi has evolved into a comprehensive fintech solution following Walmart's 2023 acquisition of Trafalgar, a licensed fintech company. This acquisition provided Cashi with an Institución de Fondos de Pago Electrónico (IFPE) license, enabling it to operate as a regulated electronic payment funds institution under the supervision of Mexico's financial authorities including the CNBV, Banco de México, and CONDUSEF. In August 2025, Cashi officially launched Cuenta Cashi, an open-loop digital account with Mastercard-backed debit card functionality, allowing users to transact beyond the Walmart ecosystem. The platform targets individuals traditionally excluded from the financial system, particularly those with low incomes or no credit history. Users can deposit and withdraw cash for free at over 3,100 Walmart, Bodega Aurrera, Sam's Club, and Walmart Express stores across Mexico. Cashi offers peer-to-peer transfers via SPEI, payment of over 70 utility services without commission, airtime recharges, and access to third-party credit products through partnerships with institutions like Inbursa and Aplazo. The platform entered the remittances market in Q4 2025, allowing users to receive international money transfers. Cashi competes directly with other Mexican neobanks and digital wallets such as Nu, Mercado Pago, Spin by Oxxo, and Baz. By the end of 2022, Cashi had 5.4 million users, leveraging Walmart's physical infrastructure and six million daily store visitors to differentiate itself from purely digital competitors. The legal entity operating the platform is Cartera Digital Walmart SA de CV, Institución de Fondos de Pago Electrónico.