Introduction to the Partnership
Spin by Oxxo, a fintech company, has announced a strategic alliance with Felix Pago, a digital remittance platform specializing in WhatsApp transfers. This collaboration aims to expand the options for Mexicans receiving money from abroad.
How the Integration Works
Through this integration, Spin by Oxxo users can now receive funds instantly from the United States. According to Femsa, Spin by Oxxo’s parent company, users generate a link via the fintech app to share on WhatsApp with their relatives in the U.S. These relatives then use Felix Pago to send the funds, which reflect immediately.
Eligibility for the New Feature
Spin by Oxxo clarified that this new functionality is available to customers with a Spin Más (N2) account who complete the required verification for international operations.
Benefits and Impact
Ricardo Olmos, Director of Spin by Oxxo, stated: “This alliance allows us to continue enriching people’s lives with financial services that evolve alongside the needs of Mexicans. Felix Pago’s user experience and automation align with Spin by Oxxo’s commitment to offering innovative and accessible solutions. Digital receipt of foreign funds brings multiple benefits, such as time-saving, increased security, and direct contribution to financial inclusion.”
Accessibility and Costs
Felix Pago’s service is designed to be accessible and functional. Those receiving remittances do not incur any fees, while the sender covers a $2.99 USD charge. Funds can be used directly through the app for payments, recharges, or transfers, or withdrawn at any of Oxxo’s 23,000+ stores nationwide.
Remittance Statistics in Mexico
According to the Center for Latin American Monetary Studies, 4.9 million households in Mexico receive funds from relatives abroad. The National Banking and Securities Commission reported that remittances reached $63 billion in 2023. It is estimated that remittance value will hit $65 billion this year, with nearly 60% of Mexican recipients using digital apps to receive these funds.
Quotes from Felix Pago
“At Felix, we believe financial inclusion starts with simplicity and trust. This alliance with Spin by OXXO allows us to bring our WhatsApp remittance technology to millions of Mexican families, making it more accessible, faster, and secure,” said Claudia Garavini, Vice President of Strategy & Business Development at Felix.
Company Performance
Spin by Oxxo reported 8.6 million active users in the last quarter of 2024, marking a 24.9% growth compared to the third quarter of the same year. Meanwhile, Felix Pago recently announced securing $75 million in a new investment round.
Investment Round Details
Led by QED Investors, this Series B round aims to expand Felix Pago’s operations across more Latin American countries and offer a broader range of financial services.
Key Questions and Answers
- What is the partnership about? Spin by Oxxo and Felix Pago have joined forces to facilitate instant remittance receipts from the U.S. for Mexican residents.
- Who can use this new feature? The functionality is available to Spin Más (N2) account holders who complete the required international operation verification.
- What are the benefits of this collaboration? It offers time-saving, increased security, and contributes to financial inclusion for both senders and recipients.
- Are there any fees for receiving remittances? No, those receiving the funds do not incur any charges; the sender covers a $2.99 USD fee.
- How many households in Mexico receive remittances? Approximately 4.9 million households in Mexico receive funds from relatives abroad.
- What is the estimated value of remittances in 2024? It is projected that remittance value will reach $65 billion this year.
- What percentage of Mexican remittance recipients use digital apps? Nearly 60% of Mexican remittance recipients use digital apps to receive funds.
