OXXO and Western Union Strengthen Cross-Border Remittance Services in Mexico

Rhea-AI Summary

OXXO and Western Union have announced a strengthening of their cross-border remittance services in Mexico, offering services in more than 21,000 OXXO stores nationwide. This collaboration aims to simplify customers' lives, with easy and secure cash withdrawals of up to 4,000 pesos. The partnership focuses on enhancing customer experience and expanding financial services offerings, demonstrating almost eight years of successful collaboration between the two companies. OXXO and Western Union seek to support financial inclusion and provide quality remittance services, aligning with the Mexican economy's reliance on international remittances.

Positive

• OXXO and Western Union are enhancing their customer experience and expanding their financial services offering in Mexico.

• The collaboration offers remittance services in over 21,000 OXXO stores nationwide, simplifying customers' lives.

• The partnership enables easy and secure cash withdrawals of up to 4,000 pesos, emphasizing convenience for customers.

• Both companies aim to support financial inclusion and provide quality remittance services, aligning with the Mexican economy's reliance on international remittances.

Negative

• None.

• Remittance services offered in more than 21 thousand OXXO stores nationwide, with business hours from 6 am to 10 pm, 365 days a year.
• Consumers can collect amounts of up to 4 thousand pesos in all stores in a fast, simple, and secure way.
• Since 2016, OXXO and Western Union have together offered inbound remittance services, with the aim of simplifying their customers’ lives.

OAXACA, Mexico--(BUSINESS WIRE)-- In an ongoing effort to enhance its customer experience and expand its financial services offering, OXXO and Western Union today announced a strengthening of its cross-border remittance services in Mexico. Together, OXXO and Western Union will enable a communication strategy with select concept stores in Oaxaca with Western Union services.

An OXXO store with Western Union services in Oaxaca (Photo: Business Wire)

Claudia Reyes Armebianchi, Vice President and Head of Western Union Mexico and Central America, said: "At Western Union, in addition to offering secure ecosystems to receive money with 24/7 availability, we want people to easily and quickly identify the different collection points we have, and this branding project in alliance with a recognized partner such as OXXO is the perfect opportunity to achieve this. We will continue to work hand in hand to offer the best services for all our customers."

As a result of almost eight years of collaboration, OXXO and Western Union have consolidated a close business relationship that allows them to offer a quality remittance service with easy and secure cash withdrawals. This type of action between companies with the same values allows them to be closer to their customers, in addition to supporting financial inclusion in different communities.

With more than 21 thousand stores nationwide, extensive business hours from 6 am to 10 pm, 365 days a year, and commercial partners such as Western Union, OXXO allows its clients to collect up to 4 thousand pesos in a quick, simple, safe, and convenient way at all stores nationwide. To withdraw the money, beneficiaries of the OXXO remittance service must only provide the transfer number shared by the sender from abroad and a valid official identification (for example, voter registration card, passport, and consular card).

From its stores, OXXO seeks to provide everyday solutions and contribute to the economic well-being of its customers. With implementations like this, the stores will not only be spaces for shopping but also places of interaction and connection for the community. In addition, OXXO reaffirms its commitment to its consumers, understanding their needs and offering a wide range of products and services that make their daily lives easier.

Monica De Martino, Cash Management Transformation Leader at OXXO Mexico, said: "We are currently undergoing a technological transformation process to strengthen our capabilities. We are proud to know that, through this service that operates in partnership with Western Union, we contribute to generate a positive economic and social impact that promotes financial inclusion in the communities where we operate.”

International remittances are a fundamental pillar of the Mexican economy, both at the family and national level. In 2023 alone, Mexico reached a historic record by receiving 63.313 billion dollars in remittances, according to data from the Bank of Mexico (BANXICO)¹, which represents a 7.6% growth over the previous year.

For more information, visit OXXO and Western Union.

About FEMSA

FEMSA is a company that creates economic and social value through companies and institutions and strives to be the best employer and neighbor to the communities in which it operates. Across its business units, FEMSA has more than 350,000 employees in 18 countries. FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability Index: S&P/BMV Total México ESG, among other indexes that evaluate its sustainability performance.

About Proximity Division

FEMSA´s Proximity Division creates economic and social value in the countries where it has presence. It operates different small-format store chains in LATAM and Europe, among which there are OXXO proximity stores. It also operates service stations under the OXXO GAS brand in Mexico and Valora, our European retail unit with convenience store and food service operations. Through its business units, FEMSA´s Proximity Division serves more than 13 million consumers every day, and has more than 160,000 employees, promoting inclusion, diversity and sustainability practices in its teams to operate in harmony with the environment, community and value chain.

About Western Union

The Western Union Company (NYSE: WU) is committed to helping people worldwide who aspire to build financial futures for themselves, their loved ones, and their communities. Our leading cross-border, cross-currency money movement, payments, and digital financial services empower consumers, businesses, financial institutions, and governments—across more than 200 countries and territories and nearly 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. We aim to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com

¹ https://www.banxico.org.mx/publicaciones-y-prensa/remesas/%7BFE4559B7-66D0-0A28-8175-D2A7E24AA1E5%7D.pdf

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508824350/en/

Press Contact:

Western Union:

• Brad S. Jones: Bradley.Jones@wu.com
• Adriana Tapia: adriana.tapia@fleishman.com
• Andrea Avendaño: andrea.avendano@fleishman.com

Source: The Western Union Company

FAQ

How many OXXO stores offer remittance services with Western Union in Mexico?

More than 21,000 OXXO stores nationwide offer remittance services with Western Union in Mexico.

What is the maximum amount that can be collected in OXXO stores through the remittance service?

Customers can collect amounts of up to 4,000 pesos in OXXO stores through the remittance service.

Who is the Vice President and Head of Western Union Mexico and Central America?

Claudia Reyes Armebianchi is the Vice President and Head of Western Union Mexico and Central America.

What was the growth percentage of remittances received by Mexico in 2023 compared to the previous year?

Mexico experienced a 7.6% growth in remittances received in 2023 compared to the previous year.

What is the goal of the collaboration between OXXO and Western Union regarding remittance services in Mexico?

The collaboration aims to simplify customers' lives and enhance their financial services offering in Mexico.