Spin by OXXO, a prominent digital payment platform in Mexico, has announced a strategic alliance with fintech infrastructure startup Kira. This partnership is set to transform the process of sending money from the United States to Mexico, offering a rapid and secure channel for remittances. The collaboration enables funds to be transferred directly into Spin by OXXO accounts in minutes, benefiting its nearly 10 million active users.
A Streamlined Remittance Process
The new service simplifies international money transfers through a user-friendly design. A recipient in Mexico generates a unique payment link from their Spin by OXXO application and shares it with the sender in the United States. The sender then uses this link on Kira's platform to complete the transaction, which is processed almost instantly without requiring additional app downloads for the recipient.
Senders in the U.S. have flexible payment options, including using a debit card or paying with cash at over 90,000 locations within Kira's partner network. This dual-channel approach caters to diverse user preferences, ensuring broad accessibility for a process that is critical to many families. The system is designed to be straightforward, removing common barriers associated with traditional remittance services.
Enhancing Financial Inclusion in Mexico
This initiative marks a significant step in Spin by OXXO's commitment to bolstering financial inclusion across Mexico. Ricardo Olmos, Director of Spin by OXXO, stated that the partnership brings technology closer to individuals who have historically been excluded from the formal financial system. By simplifying a vital process, the collaboration directly addresses the real-world needs of millions of families who rely on these funds.
Upon receiving the funds, users can immediately access them for various purposes. They can withdraw cash at any of the more than 24,000 OXXO convenience stores nationwide or use their digital balance for online payments, transfers, and mobile top-ups. This functionality integrates cross-border payments seamlessly into Spin by OXXO's expanding ecosystem of digital financial services, enhancing its utility for everyday transactions.
Addressing a Vital Economic Corridor
The partnership targets one of the world's most significant remittance corridors. According to the Bank of Mexico, the country received a record-breaking $64 billion from workers in the U.S. in 2024. These funds represent an essential source of income for millions of households, particularly in communities with limited access to conventional banking services.
Beto Díaz, Co-founder of Kira, highlighted the personal significance of the mission, stating, "As an immigrant, I know how meaningful it is to support family back home in a way that is simple and dignified." This perspective underscores the collaboration's focus on creating practical and accessible solutions for families dependent on remittances. The service aims to eliminate technological barriers and offer 24/7 availability without long waits.
The alliance between Spin by OXXO and Kira represents a pivotal development in the fintech landscape, modernizing the critical flow of funds between the United States and Mexico. By combining Spin by OXXO's extensive user base with Kira's innovative infrastructure, the partnership delivers a more affordable, convenient, and accessible alternative to traditional remittance methods. This collaboration is poised to make a substantial positive impact on the financial well-being of millions of families across Mexico.