Conekta Strikes Deal with FEMSA for Oxxo Pay Asset Sale

FEMSA's digital arm, Digital FEMSA, and Conekta, a prominent Mexican tech firm specializing in online payment solutions, have inked a deal to acquire Conekta's assets powering OXXO PAY.

The acquisition, slated to unfold in stages through the latter half of 2024, aims to streamline access for myriad individuals and businesses to the realm of online commerce.

"FEMSA has solely acquired our OXXO Pay product. Conekta will remain independent, continuing to aid numerous businesses in processing online payments across Latin America”, clarified Héctor Cárdenas, CEO and co-founder, Conekta.

Throughout the transition, OXXO PAY will maintain its normal operations, with Digital FEMSA committed to refining and advancing the platform. This endeavor draws strength from FEMSA's vast ecosystem, inclusive of the Spin digital wallet and Spin Premia loyalty program.

Concurrently, Conekta will pivot towards cementing its status as the premier online payment facilitator, steering Mexican businesses into the digital sphere. It aims to furnish cutting-edge tools, fortified by technological prowess, to combat e-commerce fraud and ensure a seamless online shopping experience.

OXXO PAY, instrumental in expanding businesses' reach by enabling cash payments at OXXO stores for online purchases, plays a pivotal role in enhancing customer convenience, per the company’s press release.

"This transaction propels OXXO PAY to greater heights, leveraging FEMSA's robust business portfolio. It dovetails with our vision of fostering prosperity through digital and financial inclusion, culminating in Mexico's premier omnichannel ecosystem”, said Juan Carlos Guillermety, CEO, Digital FEMSA. 

"This strategic move marks a significant milestone in Conekta's evolution. It positions us to create value where it is most impactful, crafting a secure and dependable online payment landscape to benefit businesses and consumers alike," added Cárdenas.