spin

Spin is the digital and financial services business unit of Fomento Económico Mexicano (FEMSA), one of Latin America's largest multinational conglomerates. Launched in 2021 and formalized as a standalone division in 2024, Spin operates as an ecosystem of financial and digital solutions designed to promote financial inclusion throughout Mexico and select Latin American markets. The unit includes three primary offerings: Spin by OXXO (a digital wallet and payment platform), Spin Premia (a loyalty program), and Spin Negocios (business payment solutions including NetPay and OXXO PAY). Spin by OXXO, the flagship product, is a digital wallet that enables users to send and receive money, make deposits and withdrawals at over 20,000 OXXO convenience stores, conduct SPEI transfers, and access a Visa debit card. The platform operates through Compropago S.A. de C.V., which received authorization from the Comisión Nacional Bancaria y de Valores (CNBV) in October 2022 to operate as an Institución de Fondos de Pagos Electrónico (IFPE), a regulated electronic payment institution under Mexico's fintech law. As of early 2025, Spin by OXXO reported over 13 million users and processes millions of monthly transactions. The platform targets Mexico's underbanked and financially excluded populations, leveraging FEMSA's extensive physical retail network of OXXO stores across Mexico and expanding operations in Brazil, Colombia, and Peru. FEMSA announced plans to apply for a full banking license to expand Spin's product offerings, potentially including remittance services and lending products. The platform combines digital financial technology with physical accessibility, positioning itself as a key player in Mexico's financial inclusion efforts.