Introduction to Nu Mexico and Oxxo Partnership
Nu Mexico, a digital bank, and Oxxo, a widely-spread convenience store chain in Mexico, have officially launched a new service enabling over 11 million Nu Mexico customers to make cash deposits directly at more than 23,000 Oxxo stores nationwide starting May 22nd.
Strengthening the Strategic Alliance
This new service reinforces the strategic partnership announced earlier this year between Nu Mexico and Oxxo, aiming to facilitate access to digital financial services through an extensive physical network.
- To use the deposit service, customers need to generate a code from the Nu Mexico app and present it at the cashier.
- The service will be available daily from 6:00 AM to 10:00 PM, subject to restrictions.
Technology Behind the Initiative
Arcus by Mastercard, the technology infrastructure supporting this initiative, enables interoperability between digital platforms and physical points. This correspondent banking model aims to lower barriers to financial services, particularly in areas where traditional banking remains limited.
“This new milestone transforms access to financial services by leveraging Oxxo’s extensive network. This collaboration allows us to offer our customers more convenient and secure financial management options, highlighting the importance of integrating digital solutions with physical touchpoints to bridge Mexico’s financial inclusion gap.”
Oxxo and Nu Mexico’s Shared Goals
Eduardo Velasco Garza, Oxxo’s Services Director, emphasized the collaboration with Nu Mexico to integrate it into their correspondent network, thus facilitating financial transactions.
According to the companies, this initiative reinforces their shared objective of bringing financial tools to more people in Mexico by combining technology with territorial coverage to offer practical and accessible solutions.
Key Questions and Answers
- What is this new service about? This service allows Nu Mexico customers to make cash deposits at Oxxo stores, enhancing access to digital financial services through a widespread physical network.
- Who are Nu Mexico and Oxxo? Nu Mexico is a digital bank, while Oxxo is a convenience store chain in Mexico with over 23,000 stores nationwide.
- What technology supports this initiative? Arcus by Mastercard provides the technology infrastructure, enabling interoperability between digital platforms and physical points.
- What are the benefits of this collaboration? The partnership aims to lower barriers to financial services, particularly in areas with limited traditional banking, and offer more convenient and secure options for managing finances.
- What are the companies’ shared goals? Both Nu Mexico and Oxxo aim to bring financial tools to more people in Mexico by combining technology with extensive territorial coverage to offer practical and accessible solutions.
