FEMSA pauses OXXO bank plan, doubles down on Spin
The Mexican retail giant is betting on its payments app instead of a bank license, and the numbers explain why. The post FEMSA pauses OXXO bank plan, doubles down on Spin appeared first on The Rio Times .
FEMSA, the Mexican retail giant, has decided to focus on its payments app, Spin, rather than pursuing a bank license for OXXO, the chain of convenience stores. Spin processed 119.1 million transactions per month in Q2 2026, a 61.5% increase compared to the same period in 2025. Active users reached 11.5 million, a 22.1% rise. The company is currently running a small-scale credit pilot program, with CFO Martin Arias discussing off-balance-sheet financing structures.
If the credit business matures, FEMSA might consider off-balance-sheet financing and potentially re-evaluate the need for a banking license. For now, the strategy is to monetize the OXXO ecosystem by keeping customers engaged through Spin's payments, credit, and other services. This digital-first approach is part of FEMSA's broader strategy to reach millions of underbanked people in Latin America.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
