Business · Companies · 4 hrs ago
OXXO uses its store network to grow its Spin financial service
FEMSA is growing Spin, its digital financial service, through OXXO in Mexico as it competes with providers such as Nu.
Spin lets customers manage money in an app and use a payment card, while OXXO stores offer places to deposit or withdraw cash.
OXXO had 24,759 stores in Mexico at the end of September 2026, giving Spin a large physical network alongside its digital services.
Spin had 18.4 million users by the third quarter of 2026, but 63.2% were active.
Nu has built its business around digital services, while Spin combines its app with access to OXXO stores, so both companies are competing to attract users and get them to use their platforms regularly.
FEMSA is also linking customers to its separate Spin Premia loyalty program, which had 30 million active users in the quarter; the company said 52.1% of OXXO Mexico sales involved earning or using points.
Spin's challenge is to turn more registrations into regular use, and the company is seeking to build a broader relationship with OXXO customers through its financial and loyalty services.
FEMSA is using OXXO’s store network to expand its Spin digital financial service and compete in Mexico’s financial services market.
At the end of September 2026, OXXO had 24,759 stores in Mexico where Spin users could make cash deposits and withdrawals.
Spin lets customers send and receive money through SPEI transfers and make payments with a card.
In the third quarter of 2026, Spin had acquired 18.4 million users, of whom 63.2% were active.
Spin competes with services such as Nu, which has built its business mainly around a digital experience.
- Who
- FEMSA’s OXXO and its Spin financial service. Nu is also named as a competitor.
- What
- OXXO is using its store network to support Spin’s growth. The service offers money transfers, cash deposits and withdrawals, and card payments.
- When
- The article was published on November 4, 2026. It reports user figures for the third quarter of 2026.
- Where
- Mexico, through OXXO stores and Spin’s mobile platform.
- Why
- To compete in a market where digital financial services have gained users and to encourage customers to use Spin regularly.
This story does not have two clearly opposing sides.
OXXO had 24,759 stores in Mexico.
Spin reported 18.4 million acquired users, with 63.2% active.
Expansión MX published its report on OXXO’s strategy for growing Spin.
- OXXO stores
- 24,759 in Mexico at the end of September 2026
- Spin users
- 18.4 million acquired in the third quarter of 2026
- Active Spin users
- 63.2% of the acquired user base in the third quarter of 2026
- Spin transfers
- Users can send and receive money through SPEI
- Spin cash services
- Users can deposit and withdraw cash at OXXO stores