The financial platform Spin by Oxxo It reinforces its role in the Mexican market by confirming that it is seriously considering taking the leap into issuing bonds. t, relying on the renewal of its strategic alliance with VisaThe company, linked to the well-known convenience store chain, wants to consolidate its position as a relevant player in consumer credit and in the digitalization of everyday payments.
This movement occurs in a context in which financial inclusion and reduced use of cash These are central objectives for both the authorities and the private sector. Although the immediate focus is on Mexico, Spin's evolution fits with a trend also observed in Europe and SpainMore and more businesses and large chains are exploring ways to offer their own financial services, from digital accounts to cards linked to their ecosystems.
Long-term Spin-Visa alliance to boost credit
Spin and Visa have decided extend their collaboration for an additional eight yearsThis unusual timeframe reflects a long-term commitment to the electronic payments business. This extension not only guarantees continuity in card issuance and in the payment processingbut rather serves as a basis for designing new products, including future Spin credit cards.
As explained by its CEO, Juan Carlos GuillermetyWithin this expanded agreement, work is underway on how to integrate a credit card into Spin's current offering. The company believes there is a strong affinity with market demand and that, thanks to the Oxxo network, it would be in an advantageous position to distribute and manage this type of financial product among millions of users.
The renewal of the alliance is also part of a broader agenda of digitization of the Mexican economyVisa and Spin maintain that the goal is not only to facilitate card payments, but also to promote access to formal financial services for more people, something that is already a more widespread reality in Spain and the rest of Europe, but which remains a challenge for large segments of the population in Latin America.
From a public policy perspective, the agreement aligns with the interests of reduce dependence on cash and to promote the use of electronic payment methods, both in physical stores and through digital channels. This same approach has been followed by numerous European countries, where card and mobile payments are already the predominant option for small, everyday purchases.
In this context, the Spin-Visa alliance is presented as a kind of regional laboratory: how to combine a massive physical store network with digital financial services to reach segments of the population that have traditionally been left out of the classic banking system.
From microloans to future credit cards
One of Spin's key steps has been its foray into the market of consumer financeFor several months now, the company has been operating with two basic lines of credit: microloans, geared towards small amounts and specific needs, and personal loans of larger amounts and longer terms. These products are already available to a portion of their customer base.
Guillermety emphasized that the company is still in an initial phase of this journey, with only a few six months of intense experience in loans. During this period, he says, the user response has been positive, which reinforces the idea that there is a clear demand for financing solutions integrated into a platform like Spin.
Regarding the possible Spin by Oxxo credit cardThe company prefers to be cautious: for now, no specific launch date has been provided. The idea is being analyzed internally, both from the perspective of market demand and, above all, the Risk management associated with this type of product, which entails a higher level of responsibility and supervision than other services.
Despite the lack of an official schedule, Spin believes that evolve from current loans towards a credit card It's a logical step. The card would allow for the integration of payments, financing, and loyalty programs within a single ecosystem, something already seen in Spain and other European countries with cards issued by large retailers, retail chains, or digital banks associated with well-known brands.
The initial acceptance of the credit products seems to support this direction. The firm emphasizes that Customers perceive these options as an attractive tool. to manage unforeseen expenses or medium-sized purchases, provided they are offered with clear conditions and without fine print that is difficult to understand.
More than 10 million customers and a license as a payment institution
In just a few years, Spin by Oxxo has surpassed the 10 million user markThe platform currently operates under the legal structure of Electronic Payment Fund Institution (IPFI)This allows it to manage digital accounts, issue payment methods, and channel electronic collections and payments without yet being a traditional bank.
This regulatory framework is similar to that of many fintech in EuropeThese businesses operate under licenses from payment institutions or electronic money institutions before transitioning to full banking. This model allows them to test products, fine-tune processes, and demonstrate operational and technological robustness before facing the additional requirements of a banking license.
The fact of having a such a broad customer base And the growing use of its services puts Spin in a unique position: it combines the physical reach of the Oxxo store network, spread throughout Mexico, with a digital offering that allows for payments, top-ups, transfers, and now also applying for credit under relatively simple conditions.
From a European perspective, this mixture of in-store presence and digital financial services It is reminiscent of some experiments seen in large stores and supermarket chains, although in Spain and other surrounding countries most of the credit supply is still channeled through banks and specialized financial institutions in a more traditional way.
For authorities and regulators, the growth of platforms like Spin also poses the challenge of to ensure consumer protectionTransparency in credit conditions and financial stability are elements that have been reinforced in Europe with specific regulations on consumer credit and payment services.
Interest in becoming a bank and expanding products
Beyond plans to issue credit cards, Spin keeps its objective to become a bankAlthough no specific timeframe has been set, Guillermety explained that the company sees clear advantages in obtaining a full banking license, provided that its credit model is first verified to be sustainable and manageable.
Becoming a bank would allow Spin to offer savings products, payroll accounts and new basic investment solutionsIn addition to reinforcing the sense of security for the customer by having the coverage of a deposit guarantee fund, such as the IPAB in Mexico or the equivalent Deposit Guarantee Fund in Spain.
The company has studied several possible routes and, after reviewing the situation with regulators, believes the most efficient way would be apply for a new banking licenseInstead of attempting to acquire or transform an existing entity, this approach, while longer in terms of procedures, offers greater clarity regarding the regulatory structure and future oversight.
Before taking this step, Spin wants to consolidate its portfolio of credit products and fully understand the payment behavior of your customers and demonstrate that it can manage the risks associated with responsible lending. This approach aligns with the requirements set by European supervisors, who are highly focused on preventing over-indebtedness and ensuring prudent practices.
Should the banking license ultimately materialize, the company could leverage customer deposits to finance its own credit offeringreducing dependence on external sources and promoting a more integrated business model, similar to that of traditional commercial banks in both Mexico and Europe.
Digitalization, financial inclusion and parallels with Europe
On behalf of Visa, its general manager in Mexico, Francisco Valdivia, has emphasized that the alliance reflects a clear strategy: to advance in the digitization of payments and in the financial inclusion of populations that still rely excessively on cash. In his view, there is still a long way to go before electronic payment methods become the dominant option across all segments of society.
This diagnosis is similar, although with nuances, to what was experienced in Spain and the rest of EuropeWhile the use of cards, contactless payments, and mobile solutions like digital wallets is already widespread, pockets of the population remain unbanked or reluctant to abandon cash. The difference lies in the magnitude of the challenge: in Mexico, the proportion of people without access to formal financial services remains much higher.
Spin's project to issue credit cards fits precisely into this dynamic. A card backed by Visa, linked to a digital account and supported by a very broad acceptance networkIt can become an effective tool for users accustomed to cash payments to make the leap to more modern instruments, with greater traceability and financing options.
For the European market, moves like this also serve as a reference point for how Large retailers can evolve towards mixed models of commerce and financial servicesIn Spain, there are already shopping cards associated with distribution chains or gas stations, but Spin's model goes a step further by combining app, digital account, payments, microcredits and, presumably, credit card in a single environment.
Ultimately, Spin's evolution and its cooperation with Visa bring to the forefront a debate that is also present in Europe: who will lead the next phase of retail bankingWhether it's traditional banks, pure fintechs, or hybrid ecosystems born from everyday commerce and consumption.
Spin by Oxxo's move into issuing credit cards, supported by a strengthened alliance with Visa and a user base of over 10 million, points to a scenario in which the borders between banking, commerce and technology are becoming increasingly blurred; if the project takes hold, Mexico could become a regional benchmark how to integrate digital payments, credit and basic financial services around a consumer brand, an approach that fits with trends also seen in Spain and other European countries.
