Oxxo enters the fintech ecosystem with its digital wallet Spin

Oxxo, the retail giant that is part of the Femsa family, surprised by presenting its Spin digital wallet, marking the beginning of the chain’s participation in financial technology services, after consolidating its position as the country’s main banking correspondent.

As of December 2020, Oxxo had a network of almost 20,800 banking correspondent points, where customers of financial institutions such as BBVA, Citibanamex, Santander, Scotiabank, Caja Popular Mexicana, Caja Morelia Valladolid, among others, can make payments, deposits, and cash withdrawals.

This Tuesday, March 2nd, Oxxo presented Spin, which is a digital wallet through which users can manage, send and receive money from a cell phone or a store of this chain.

“You choose if you want to keep your virtual account or if you prefer to use a physical Visa debit card. All you need to get started is a national phone number,” reads Spin’s website.

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Spin will operate through ComproPago

The page details that Spin will operate through ComproPago S. A. P. I. de C. V., which is currently operating under the eighth transitory provision of the law to regulate Financial Technology Institutions, also known as fintech law, and is seeking authorization to operate under this regulatory framework.

“ComproPago, through the Spin by Oxxo brand, will offer customers different types of accounts to integrate them to the financial system and, according to their needs, they will be able to access a higher level of account”, is detailed in the page of the platform that seeks its authorization to operate in the market as an Electronic Payment Funds Institution.

According to ComproPago, in accordance with the provisions of the fintech law, this platform can offer products and services that it will manage through the Spin brand, where clients will be able to fund accounts, receive and deliver cash resources, among other services.

“ComproPago under the Spin by Oxxo brand will provide a platform that will provide digital wallet services (‘eWallet’) to facilitate sending and receiving payment transactions to its customers, as well as a card for use in stores and online,” he said.

If ComproPago is authorized as a financial technology institution under the fintech law, Spin’s operation may be supervised and regulated by the National Banking and Securities Commission.

So far, there is only one authorized electronic payment funds platform, which is NVIO Pagos, a subsidiary of Bitso, a company dedicated to the exchange of virtual assets.

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(Featured image by Firmbee via Pixabay)

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First published in EL ECONOMISTA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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