Monterrey, NL, Mexico. (Jorge Meléndez and Silvia Olvera) – On the subject of financial services, Femsa continues to build muscle. José Antonio Fernández Garza Lagüera, CEO of Digital@FEMSA, reported that after a year of negotiations, Femsa agreed to acquire 100 percent of payment solutions company NetPaythrough an operation that did not reveal the amount to be paid.
“Since 2019 we have acquired 15 percent of NetPay, which is one of the most important players (in the non-bank payment segment), which we like a lot, so we have been working on this transaction for a year. In addition, the company has the same values as Femsa”.
NetPay, which has quintupled its income from 2019 to date, will be a fundamental part of the element Business-to-Business (B2B) of this portfolio, enhancing the payment solutions service and complementing other key elements, such as the wallet Spin by Oxxo and loyalty strategy Oxxo Rewardshighlighted Fernández Garza Lagüera.
NetPay, created in 2008, is a payment aggregator that offers various services and solutions for MSMEs.
Part of its portfolio includes collection in areas such as electronic wallets, electronic vouchers, plastic credit and debit cards Visa, MasterCard, Card and private brands, while developing correspondent banking and integration of banking systems.
It also has payment solutions for the NetPay Terminal and NetPay Mobile. Fernández Garza Lagüera said that the founders of NetPay, Juan Carlos Aldape and Ricardo Garza, will stay working, but will now be part of Femsa.
The transaction is subject to closing conditions and government approvals, and is expected to be completed in the first quarter of 2023.
The manager listed some of the successes in financial services, such as Spin by Oxxo, which has had notable growth.
Femsa recently reported in a conference with analysts that it plans to launch various financial products focused on remittances and loans to so-called corner stores, after Spin by Oxxo received approval from the CNBV to operate as a fintech.
The expectations are that by 2023 Spin by Oxxo will have 10 million users. At the end of the third quarter, it had 4.3 million.
Fernández Garza Lagüera also highlighted that Oxxo Premia has become a solid loyalty program with more than 22.3 million users, so its radius is extended to reward points, deposits, payments, remittances, opening accounts in dollars, loans personal and working capital, and bankarization of payments for SMEs.
“FEMSA has 130 years of serving consumers and businesses, and with this acquisition it now expands services in the digital realm,” he emphasized.
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