Introduction to Key Players and Their Relevance
Spin by Oxxo, a fintech company under Femsa, and Felix Pago, a digital remittance platform specializing in WhatsApp transfers, have announced a strategic partnership. This collaboration aims to expand the options for Mexicans receiving money from abroad, specifically focusing on instantaneous transfers from the United States.
Who are Spin by Oxxo and Felix Pago?
Spin by Oxxo is a fintech subsidiary of Femsa, a leading beverage and consumer products company in Mexico. It offers various financial services, including money transfers, through its extensive network of Oxxo stores and digital platforms.
Felix Pago is a digital remittance platform that enables users to send and receive money through WhatsApp. The company focuses on simplifying the remittance process, making it more accessible and secure for both senders and recipients.
Key Features and Benefits of the Partnership
- Instantaneous Transfers: Users of Spin by Oxxo can now receive funds from the US instantly via a link shared through WhatsApp by family members in the United States using Felix Pago.
- No Recipient Fees: Those receiving the remittances do not incur any charges, while the sender covers a fee of $2.99.
- Versatile Usage: Received funds can be used directly through the app for payments, recharges, or transfers. Alternatively, users can withdraw the money at any of Oxxo’s 23,000+ stores across Mexico.
- Enhanced Financial Inclusion: The partnership aims to promote financial inclusion by offering secure, time-saving, and accessible remittance solutions.
Eligibility and Requirements
The new functionality is available to Spin by Oxxo customers with a Spin Más (N2) account who have completed the necessary verification for international transactions.
Impact and Statistics
According to the Center for Latin American Monetary Studies, approximately 4.9 million Mexican households receive funds from relatives abroad. In 2023, remittances to Mexico reached $63 billion, and it is estimated that this figure will grow to $65 billion this year. Nearly 60% of Mexican recipients use digital applications to receive these funds.
Quotes from Key Figures
Ricardo Olmos, Director of Spin by Oxxo: “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 focus 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 contributions to financial inclusion.”
Claudia Garavini, Vice President of Strategy & Business Development at Felix: “At Felix, we believe financial inclusion starts with simplicity and trust. This partnership with Spin by Oxxo enables us to bring our WhatsApp remittance technology to millions of Mexican families, making it more accessible, faster, and secure.”
Key Questions and Answers
- Who is eligible for this new service? Customers with a Spin Más (N2) account who have completed the required verification for international transactions are eligible.
- What are the benefits of this partnership? The collaboration offers instantaneous transfers, no recipient fees, versatile usage of funds, and enhanced financial inclusion.
- How does this partnership impact remittances in Mexico? This alliance aims to simplify and secure the remittance process for both senders and recipients, contributing to the growing trend of digital remittance usage in Mexico.
