Spin, Oxxo’s fintech, obtained authorization from the National Banking and Securities Commission (CNBV) to organize and operate as an Electronic Payment Funds Institution, that is, as an electronic wallet.
Spin users can send and receive money through electronic transfers (SPEI). Also, they can pay for services and purchase airtime from the app, as well as make deposits and withdrawals.
Through the Spin application it is also possible to make purchases in physical stores and online with a card with a VISA flag that can be requested at any Oxxo store, while purchases add points in the convenience store’s loyalty program .
“We are excited to obtain this authorization because it is one more step in the consolidation of our value proposition, which will allow us to be one of the most important means of payment in the country and, with it, help fulfill our mission of generating economic and social value in the communities where we have a presence,” the company said in a statement.
The application started with a pilot in March of last year, which was deployed in stores located in San Luis Potosí, and now has four million users, according to company data.
Before receiving approval from the CNBV, the Oxxo application operated through ComproPago (a third party). Now it will do so with the support of Femsa’s digital and technological innovation division.
This step for the company seems natural, since for about a decade it opened its boxes for the payment of services to differentiate itself from its competitors.
Oxxo does not reveal the number of operations that are carried out through its boxes, nor those that are carried out through its application.
In the second quarter, FEMSA’s revenues increased 22% to 167,504 million pesos, its operating cash flow (Ebitda) increased 9.5% to 23,370 million pesos; while its net profit registered a rise of 45% to 7,640 million pesos.
