If you’ve been to Mexico, you’ve likely stopped into one of the almost 20,000 Oxxo shops. The iconic convenience store began as a small bet by the now global corporation, FEMSA, founded in 1890 as Cervecería Cuauhtémoc. FEMSA’s initial focus was on distributing Coca-Cola’s products and local beers like Tecate and Dos Equis. In 1978, they opened the first Oxxo as another way to sell their small selection - soda, beer, and cigarettes - straight to consumers.
Forty years later, Oxxo offers way more than snacks and beer. Need to buy a new smartphone? Send money or open a bank account? Pay for your electricity, cable bill, movie tickets, Netflix, or property taxes? Go to an Oxxo. The chain has even partnered with Amazon and payment platforms like Conekta, allowing people to shop online and pay at their stores.
Oxxo’s payment solutions are essential to a large portion of the Mexican population that still doesn’t have credit cards or even bank accounts (63%) to shop online. The chain is expanding globally, with a few dozen shops now open in Colombia and Chile.