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.
If you want to find more details about the company Oxxo and the launch of its digital wallet Spin, download for free the Born2Invest mobile app. Our companion app brings you the latest business news in the world so you can stay informed.
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.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Successful Crowdfunding Campaign for the Tower of Erés, Spain
In May 2020, in the middle of the pandemic, the Erés bell, which had accompanied the Galliguera area in its...
Fintech Companies in the Netherlands Supported by the Government
Fintech companies find a favorable environment in the Netherlands. The government has set its sights on making the country the...
Aurora Cannabis Stock Collapses by 5%. Should Investors Sell?
The ups and downs of the stock value over a longer period unfold when studying past price trends. These were...
Are IOTA and Ripple the Future of Crypto Apps?
Crypto apps are a new and exciting technology that will change the way we invest forever. Mobile apps allow you...
Why ESG CRiteria Affects the Value of Repsol and Other European Oil Companies
In the eyes of Morningstar, companies like Repsol, which this year accelerated its strategic energy transition plan with record business...
Business2 weeks ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 46]
Business1 week ago
Holiday Travel Made Easier – The Perfect Shoe for Flying Past TSA
Featured2 weeks ago
India to Become the World’s Third Largest Economy
Business2 weeks ago
Fixed Annuities versus CDs versus Treasuries