Kira and Spin by OXXO Team Up for Effortless Money Transfers
- Thanks to a strategic partnership with Kira, millions of people in the United States can now send money to Mexico quickly and securely, directly into Spin by OXXO accounts.
Recently, Spin by OXXO launched an innovative service for funds reception from the U.S. through Kira, a platform designed to support various fintech solutions powered by AI and stablecoins. Kira transforms the money transfer landscape by allowing users in the United States to send funds to Mexico using both digital and traditional methods. This approach focuses on a user-friendly experience, with a streamlined payment process and nearly instantaneous transaction times. It provides a more accessible option compared to conventional remittance services.
Quick and Easy Transactions
With the new integration, any Spin by OXXO account holder in Mexico can receive funds within minutes, eliminating the need for additional applications. Currently, Spin by OXXO boasts 9.9 million active users across Mexico.
Funds can be transferred in cash at over 90,000 Kira network locations in the United States or via debit card. The procedure is straightforward: the recipient generates a payment link through the Spin by OXXO app and shares it with the sender in the U.S., who can complete the transaction via Kira’s platform in just a few minutes.
Ricardo Olmos, the Director of Spin by OXXO, expressed, "This integration marks a significant stride in our mission to enhance financial inclusion in Mexico and provide solutions that cater to real needs. By facilitating a new method for receiving funds from the United States, we are bridging technology to those who have often been excluded from the financial system. This simplification directly benefits millions of families."
Addressing Real Needs
Beto Díaz, Co-Founder of Kira, added, "As someone who has experienced the immigrant journey, I understand the importance of supporting family back home in an easy and respectful manner. This alliance with Spin by OXXO provides tangible solutions for families that depend on remittances, making the process accessible for everyone."
Statistics from the Bank of Mexico highlight the significance of remittances, with the country receiving an astounding USD $64 billion last year, which serves as a crucial income source for countless households, particularly those in areas with limited financial services.
This new option from Spin by OXXO enhances affordability, convenience, and accessibility, breaking down technological hurdles and enabling families to receive funds rapidly, round the clock, without the inconvenience of long waits.
Once the funds are available in a Spin by OXXO account, users can withdraw cash from any of the 24,000+ OXXO stores spread throughout Mexico or utilize their account for payments in stores, online transactions, and mobile top-ups, among various other services. Through this partnership, Spin by OXXO fortifies its position as a key player in the cross-border payments sector between the United States and Mexico, broadening its digital financial services landscape.
About Spin by OXXO
Spin by OXXO is a digital account provided by OXXO that allows users to execute transfers, make payments, and conduct purchases using a Visa card. Customers can also deposit and withdraw cash at over 20,000 OXXO locations distributed across Mexico. Spin by OXXO operates under Compropago, S.A. de C.V., an Electronic Payment Funds Institution that is recognized and regulated in accordance with Mexico's Fintech Law.
About Kira
Founded in 2024, Kira is dedicated to developing financial infrastructure that empowers companies to launch fintech products globally. Their platform integrates stablecoins, automated compliance tools powered by AI, and plug-and-play APIs, creating connections between emerging markets and the global economy while removing traditional barriers in cross-border payments.
Frequently Asked Questions
What is the significance of the Kira and Spin by OXXO partnership?
The partnership facilitates easy, quick, and secure money transfers from the U.S. to Mexico, enhancing financial access for millions.
How can users send money using this service?
Users can send money via cash at Kira network locations or through debit cards, using a simple payment link generated by the recipient in Mexico.
What is Spin by OXXO?
Spin by OXXO is a digital service that allows users to conduct payments and transfers easily, supported by numerous OXXO stores across Mexico.
How many active users does Spin by OXXO have?
Spin by OXXO currently has 9.9 million active users benefitting from their services.
What was the total amount of remittances received by Mexico?
According to reports, Mexico received USD $64 billion in remittances last year, which plays a crucial role in supporting many households.
