He Mexican Economic Development (FEMSA) seeks to expand the Oxxo services in Mexicobeyond traditional commerce. However, there may be a pause in the banking planswhich could impact the growth of the convenience store chain.
In detail, Martín Arias Yániz – FEMSA’s Chief Financial Officer – recently announced that the company paused plans to convert Oxxo into a bankwith the aim of analyzing in greater depth the behavior of the market before taking the next step.
Before requesting a banking license complete, they seek to have a clear vision of the financial environment and define the best way to manage their clients’ information. Therefore, The possibility of submitting the application will be reviewed within one yearonce they have evaluated all the necessary factors.
What will happen to Oxxo in Mexico?
FEMSA expressed its intention to expand the services beyond retail traditional. The company planned to take advantage of Spin, its financial platformto request a banking license before the National Banking and Securities Commission (CNBV).
The objective was to offer payroll, savings and credit services to the millions of customers who visit the more than 24,000 Oxxo stores in the countrywith the goal of positioning itself as a new player within the Mexican financial system.
What is Oxxo Spin and how does it work?
For the moment, the company strengthens its financial service to accelerate its growth. Currently, this platform offers a visa debit card and allows you to carry out the following activities:
- Send and receive money
- Pay for services
- Recharge airtime
- Buy gift cards
Interest in entering the Mexican banking sector has grown considerably in recent times. Nu, Mercado Pago, Plata Card and Revolut They are some of the companies that also seek to expand as financial institutions in the country, competing for the same segment of users.
