Spin

Spin by OXXO is a fintech platform developed by FEMSA, the parent company of the OXXO convenience store chain. Launched in March 2021, the company aims to enhance financial inclusion in Mexico, a market where cash transactions have historically dominated. The service leverages OXXO's extensive physical network of over 20,000 stores, which are ubiquitous across the country, to provide accessible financial services to a largely underbanked population.

The business operates as an electronic payment funds institution (IFPE) under a license granted by Mexico's National Banking and Securities Commission (CNBV) in October 2022. This regulatory approval, obtained through its subsidiary Compropago, enables Spin by OXXO to offer a wider range of financial products. The company's primary offering is a digital wallet and an associated Visa debit card, available in both virtual and physical forms. This allows users to send and receive money, make deposits and withdrawals at any OXXO store, pay for services, top-up mobile airtime, and make purchases at any location that accepts Visa. Revenue is generated through commissions on certain transactions, such as cash deposits and withdrawals at OXXO stores. For instance, there is a fee for cash deposits and withdrawals made at store locations.

The platform targets the socio-economic segments C, C-, D+, and D, which have been historically underserved by traditional banking. A key part of its strategy is the Spin Premia loyalty program, which rewards users with points for purchases made at OXXO and other allied businesses. The company has shown rapid growth, reaching over 10.9 million users by early 2025. Looking ahead, FEMSA has announced its intention to apply for a banking license to expand its financial service offerings, which could include payroll products and other banking services, although it plans to collaborate with a financial institution for credit-related products.

Keywords: digital wallet, fintech, financial inclusion, mobile payments, debit card, OXXO, FEMSA, money transfer, bill payments, loyalty program, retail banking, Mexico, Compropago, Spin Premia, electronic payments, cash deposits, mobile top-up, Visa debit, unbanked, underbanked