Introduction to the Partnership
Mercado Pago and Oxxo have announced a collaboration that will enable users to withdraw cash from their digital accounts at more than 23,000 Oxxo stores nationwide.
Service Availability and Restrictions
Starting today, the service will be available 365 days a year, 24 hours a day at all participating branches. However, both companies mentioned in a joint statement that certain restrictions will be applied, though they did not specify which ones.
Withdrawal Process
To withdraw cash, users must present their physical Mercado Pago card, select the desired amount, and enter their NIP. The maximum withdrawal per transaction will be 3,000 pesos with a fee of 20 pesos (IVA included).
Infrastructure and Collaboration
This partnership is possible thanks to Mastercard’s clearing house in Mexico, which previously facilitated Nu’s integration into the Oxxo ecosystem. This infrastructure received authorization from the Bank of Mexico in 2018 to operate in the country.
Quotes from Key Figures
Ramiro Nández, Director of Users at Mercado Pago, stated: “At Mercado Pago, we believe that financial democratization begins by bringing products and services into people’s daily lives. We know cash remains essential for millions of Mexicans, which is why this announcement is so relevant. It allows us to combine the accessibility of cash with the advantages of the digital world, driving financial inclusion in a more connected, secure, and simple economy for everyone.”
Eduardo Velasco Garza, Director of Oxxo Services, added: “At Oxxo, we work to create proposals that simplify access to financial services. This collaboration with Mercado Pago reinforces our goal of being allies in financial inclusion by offering secure and nearby alternatives to people, consolidating our presence as a connection point between people and the services they need.”
Impact on Financial Inclusion in Mexico
According to both companies, this alliance aims to further strengthen financial inclusion in Mexico by bringing digital services closer to people’s daily lives through a practical, secure, and accessible alternative.
Expansion of Mercado Pago’s Cash Withdrawal Network
With this addition, Mercado Pago expands its cash withdrawal network, which reached 20,000 locations in February of this year, including commercial chains and small businesses operating with Point of Sale (POS) terminals. This growth reflects progress in money digitalization within the country, as indicated by the fintech.
Key Questions and Answers
- What is the partnership between Mercado Pago and Oxxo about? This collaboration allows users to withdraw cash from their digital Mercado Pago accounts at over 23,000 Oxxo stores across Mexico.
- When and where is the service available? The service is accessible 365 days a year, 24 hours a day at all participating Oxxo stores nationwide.
- What are the restrictions for cash withdrawals? Although specifics weren’t mentioned, certain restrictions will be applied to the service.
- How do users withdraw cash through this partnership? Users must present their Mercado Pago card, select the desired amount, and enter their NIP. The maximum withdrawal per transaction is 3,000 pesos with a 20-peso fee.
- What is the significance of this partnership for financial inclusion in Mexico? This collaboration aims to bring digital services closer to people’s daily lives, making financial inclusion more accessible and secure.
- How does this partnership impact Mercado Pago’s cash withdrawal network? This addition expands Mercado Pago’s network to over 23,000 locations, reflecting progress in money digitalization within Mexico.
