Spin by Oxxo

Spin by OXXO is a digital wallet and payment platform operated by Compropago S.A. de C.V., a subsidiary of FEMSA, one of Latin America's largest retail conglomerates. Launched in 2021, Spin targets Mexico's unbanked and underbanked population by offering financial services through a mobile application integrated with OXXO's extensive network of over 20,000 convenience stores. The platform operates as an Institución de Fondos de Pagos Electrónico (IFPE), authorized by the Comisión Nacional Bancaria y de Valores in October 2022 under Mexico's Fintech Law. As of December 2024, Spin reported 13.1 million active users and processed an average of 63.2 million monthly transactions. Users can open a digital account within minutes by downloading the app and verifying their identity with their INE identification. The platform provides a Visa-branded debit card available for immediate pickup at OXXO stores for 50 pesos. Core services include money transfers through the SPEI interbank system, bill payments, mobile airtime recharges, QR code payments, and cash deposits and withdrawals at OXXO locations. In 2024, Spin gained authorization from Banco de México for direct SPEI connectivity, enabling faster transfers and new functionalities including CoDi digital payments. The platform also launched cross-border remittance services through partnerships enabling users to receive funds from the United States in minutes. Spin is part of FEMSA's broader Digital Division strategy, which includes the OXXO Premia loyalty program and Spin Negocios business services. The parent company is pursuing a banking license to expand its financial services ecosystem and compete more directly with traditional banks and neobanks in Mexico's rapidly growing fintech market.