With the direct connection, Spin, the digital wallet of the commercial chain, will eliminate minimum amounts for money transfers for its users' everyday transactions, and will implement new functionalities within the platform.
Oxxo's fintech Spin will have a direct connection to the Interbank Electronic Payment System (SPEI) in Mexico. The firm hopes that transaction times for its users will significantly improve. It also plans to implement more methods to take advantage of the connection.
According to information provided by Femsa, the company that owns Oxxo, its Electronic Payment Fund Institution (IFPE) Spin by Oxxo was authorized by the Bank of Mexico (Banxico) to operate its direct connection to SPEI, proving compliance with the regulations required to maintain the security and correct operation of transfer orders.
There are currently 87 financial institutions that maintain a direct connection to SPEI, according to information from the SPEI monitor. SPEI allows for transfers of funds between its participants. In addition, it includes the necessary information to indicate whether a user has ordered a payment and to identify it. It also provides the receiving participant with instructions to credit the payment to the corresponding client.
“With this new direct connection to SPEI, a number of key benefits will be offered to its customers, such as more agile and efficient transactions. The new connection significantly reduces waiting times, ensuring that funds reach their destination in a matter of seconds and safely,” Spin reported.
According to the information provided, with the direct connection, the commercial chain's digital wallet will eliminate the minimum amounts for money transfers for its users' daily transactions, and will implement new functionalities within the platform, such as Mobile Money (DiMo) and Digital Collection (CoDi). Likewise, users will have the option of receiving fund transfers by providing the 16 digits of the card provided by the fintech.
According to Femsa's Q2 2024 report, total monthly transactions in its digital wallet increased 13.4% during the quarter to reach an average of 57.5 million transactions per month in this period, which the firm indicated is a reflection of the increase in user activity.
With this change, Spin will assign its customers a new CLABE account. According to the firm, customers will be able to continue making electronic transfers using their current STP CLABE until they are assigned their new Spin by Oxxo CLABE, which will be promptly notified to them through their application and their registered email.
Spin by Oxxo obtained authorization as an IFPE under the Fintech Law in October 2022, becoming the 41st Financial Technology Institution to obtain the endorsement.
According to its latest report for the second quarter of 2024, the fintech serves 11.8 million total users, which represented an annual growth of 56.2% compared to 7.6 million users in the same period in 2023 and a compound monthly growth rate of 3.8%.
