SPIN BY OXXO (Antes: Compro Pago)

SPIN by OXXO is a digital financial services platform operated by Digital FEMSA through its subsidiary Compropago S.A.P.I. de C.V. The platform was launched in 2021 and has rapidly become one of Mexico's leading digital payment solutions, reporting 13.1 million active users and processing an average of 63.2 million monthly transactions as of December 2024. SPIN operates as an Institución de Fondos de Pagos Electrónico (IFPE), having received authorization from the Comisión Nacional Bancaria y de Valores (CNBV) in October 2022 under Mexico's Fintech Law. The platform offers a comprehensive digital account with both virtual and physical Visa debit cards, enabling users to send and receive money, make payments via QR codes, pay for services, purchase mobile phone recharges, and conduct transactions at physical and online stores. A key differentiator is its integration with OXXO's extensive retail network of over 20,000 convenience stores across Mexico, allowing users to deposit and withdraw cash without needing traditional bank infrastructure. In 2024, SPIN received authorization from the Bank of Mexico (Banxico) for direct connection to the Interbank Electronic Payment System (SPEI), enabling features like Mobile Money (DiMo) and Digital Collection (CoDi). The platform has also expanded into cross-border remittances, partnering with providers to allow users to receive funds from the United States. SPIN targets Mexico's underbanked population, offering accessible financial services to individuals and businesses, particularly those engaged in e-commerce. FEMSA has announced plans to apply for a full banking license to further expand SPIN's financial services ecosystem. The platform operates across multiple Latin American markets including Brazil, Colombia, and Peru through 21,500 points of sale.