Alliance aims to close Mexico’s financial inclusion gap – enabling consumers to access cash withdrawals and enable banking services.
OXXO and GLORY have entered a strategic alliance to offer the best solution for cash operations in Mexico to help close the financial inclusion gap in the country.
As a leader in Mexico’s retail industry, OXXO – wholly owned by the beverage company FEMSA – has used its presence to extend financial services to its customers. On this occasion, it has selected GLORY’s CASHINFINITY technology to drive innovation in its network of stores, thereby seeking to improve the experience of its employees and customers.
This is iBox, a CASHINFINITY cash recycler from GLORY, with which OXXO will have a virtual ATM in its stores, where consumers will be able to access cash withdrawals and enable various banking services, highlighting the following benefits:
- Increased availability of cash in a secure manner
- Automatically validate and reject counterfeit bills
- Improved store security
- Improved employee and customer experience
CASHINFINITY will be implemented gradually in OXXO stores around the country, starting in: Nuevo León, Chiapas, Guanajuato, Jalisco, Oaxaca and Puebla. This technology is focused on offering the best solution for cash deposits and withdrawals through a comprehensive and omnichannel experience, under three principles: availability, security and simplicity.
These iBox, once installed, will be linked to the OXXO system, offering customers a comprehensive solution that allows them to carry out various financial procedures and services in one place without having to travel long distances – for example, withdrawing cash or receiving money transfers from abroad.
In this sense, when a customer requests a cash withdrawal at the cashier with or without a card, remittances or any other type of withdrawal service, the service can be guaranteed.
“This marks the beginning of a transformation project that will accelerate financial inclusion in Mexico and help streamline the functions of our store employees, through the implementation of technology and digital innovation, we will continue to meet the needs of our customers and simplify their lives,” said Mónica de Martino, Cash Management Leader at OXXO.
Joe Gnorski, President of Glory Global Solutions, Americas, said mentioned: “We have the experience, the knowledge and the tools, but we also have the passion to help OXXO transform its business and make its vision of strengthening financial inclusion for its customers a reality.”
“This is how OXXO will continue to strengthen its strategic alliances to promote financial inclusion in the country, contributing to its economic growth and development and to the social well-being of Mexicans by offering them innovative solutions.”
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