Conekta, a leader in online payment solutions in Mexico, has reached an agreement to sell the assets that enable OXXO PAY to Digital@FEMSA.
This decision marks a significant shift for both companies and is expected to have a considerable impact on the digital commerce sector in Mexico. The transaction is part of Conekta’s broader strategy to streamline its operations and focus on its core business areas.
Digital@FEMSA plans to integrate the technological and operational elements from Conekta that currently support OXXO PAY. This digital payment solution is pivotal for merchants, enabling them to receive cash payments at over 22,000 OXXO stores across Mexico for goods and services sold online. The acquisition aligns with Digital@FEMSA’s goal to expand and enhance its digital payment offerings, leveraging its extensive network of retail outlets to facilitate consumer transactions.
Following the acquisition, Digital@FEMSA will continue to innovate and expand OXXO PAY within its digital ecosystem. The system’s integration with other FEMSA digital solutions, such as the Spin by OXXO digital wallet and the Spin Premia loyalty program, will provide a comprehensive service offering to consumers. Juan Carlos Guillermety, CEO of Digital@FEMSA, emphasized that this move aims to elevate their service level and enhance digital and financial inclusion across Mexico, thereby increasing productivity and generating both economic and social value.
On the other hand, the sale will allow Conekta to concentrate on enhancing its online payment processing services for card payments and bank transfers. Héctor Cárdenas and Leo Fischer, co-founders of Conekta, highlighted the importance of this deal in enabling the company to focus on its strengths—providing secure, reliable payment solutions that address the challenges of Mexico’s online payment landscape. This strategic focus is expected to help Conekta maintain its leadership in online payments, supporting the growth of Mexican businesses in the digital economy.
The transition of OXXO PAY to Digital@FEMSA is scheduled to be completed in the second half of 2024, ensuring a smooth continuation of service for all existing customers and stakeholders.