Digital@FEMSA, the digital division of FEMSA, and Conekta signed an agreement through which it would purchase from Conekta the assets that enable OXXO PAY.
For Digital@FEMSA, this purchase would involve the integration of different technological and operational elements from Conekta that currently enable OXXO PAY, a digital solution that allows businesses to increase their sales by receiving cash payments in Oxxo stores for their products or services offered in line.
Together with the more than 22 thousand Oxxo stores in Mexico, OXXO PAY is a fundamental tool for those seeking to expand their reach and offer a convenient payment experience to their customers in an easy, fast, secure and real-time way.
Digital@FEMSA would continue to develop and innovate OXXO PAY internally, facilitating access for thousands of people and businesses to the world of online shopping and sales. With the support of the rest of the ecosystem’s solutions, this integration is enhanced thanks to services such as the Spin by OXXO digital wallet and the Spin Premia loyalty program, as well as the experience and presence of Femsa and its Business Units.
“This transaction would allow us to take OXXO PAY to the next level of service, leveraging Femsa’s portfolio of leading businesses and in line with our vision of driving prosperity through digital and financial inclusion, building the most powerful omnichannel ecosystem in Mexico” said Juan Carlos Guillermety, CEO of Digital@FEMSA.
“With this we seek to increase the productivity of communities, creating economic and social value, and generating a positive and transformative impact. Always with the consumer at the center of what we do, we seek to close gaps in the market and evolve people’s relationship with their money, through digitalization and convenience,” he added.
The sale of the assets that enable OXXO PAY would allow Conekta to focus on transforming the quality and security of the online payments ecosystem.
“This move would represent an important step in the evolution of Conekta, to generate value where we can do it best as a company in order to build a safe and reliable online payment ecosystem for the benefit of all businesses and consumers in Mexico,” said Héctor Cárdenas, CEO and co-founder of Conekta.
The agreement signed by both parties guarantees that OXXO PAY will maintain its normal operation throughout this process. The transaction is expected to be completed during the second half of 2024, to continue the push for digital commerce in Mexico.
