OXXO is in everything: it has its own MVNO and even its streaming platform, and it is still going for more. OXXO has made its debut in the fintech segment with the launch of its own app to send and receive money in Mexico, without the need for a bank card.
Spin by OXXO is a digital wallet that will allow the transfer of money without the need for a bank card: the user will be able to send and receive money from other users of the platform and withdraw it at the cash desk of any OXXO store.
OXXO, to the banking competition
According to the FAQ section, the requirements to create an account on the Spin platform is a national phone number, email, and an official ID. The account opening process can be through the app or in any OXXO store, and depending on the validation of the official documents, it can be of two types:
- Spin Base, with a maximum account amount of 6,483.40 pesos
- Spin More, with a maximum account amount of 200,000 pesos
The Spin account does not generate fees for opening, commissions for the minimum amount or annuities, and users who so wish may request a physical Spin card to use their money at any establishment, since it is supported by Visa. With the use of the card, points will be accumulated that can be exchanged for products in stores. Regarding the security of accounts and transactions, OXXO makes it clear that everything works in the SAPI de CV Comprapago system, operated by Cadena Serys de Recolección SA de CV
However, the Spin account does generate commissions for other movements:
The most interesting thing about Spin is that it allows you to send and receive money without having a bank card: users can make and receive transactions in the app from and to their contacts by phone number, or by SPEI with a card number or CLABE. To withdraw money, it will only be necessary to go to any OXXO store and show the QR code that is generated for the withdrawal when you do not have the Spin card, or only show it if you have it.
With its new system, OXXO offers one more form of digital payment in Mexico to those people who are still outside the segment, without fully entering a bank account – at least a traditional one as it is known.
According to the National Banking and Securities Commission (CNBV), OXXO has almost 20,962 stores in Mexico that all function as payment and transfer points, equivalent to 43% of the total in the country.