FEMSA has officially paused its efforts to transition its financial platform, Spin by OXXO, into a licensed, formal banking institution. The decision stops a process that would have moved the company toward the model utilized by competitors like Nu Bank.
Spin by OXXO currently operates as a digital wallet linked to a physical Visa card. Users rely on the platform to manage funds through a mobile application and perform transactions at OXXO retail locations nationwide.
Status of existing accounts
The company clarified that the suspension of its banking license application does not affect the day-to-day utility of the platform. Existing customers can continue to use their cards for deposits, payments, and standard transfers without interruption.
Spin by OXXO remains a popular tool for users seeking basic financial management tools outside of the traditional banking system. The platform functions under current fintech regulations that allow it to provide digital account services without the full status of a chartered bank.
FEMSA management has not provided a specific timeline for when or if they will resume the application process for a full banking license. For now, the service will continue to operate under its existing operational framework, ensuring that current account holders maintain full access to their funds and account features.
