Oxxo will provide the money transfer collection service in its stores through an alliance with Ria Money Transfer.
In North America, Latin America, Europe, Asia-Pacific, Africa and online, Ria Money Transfer, a subsidiary of Euronet Worldwide, specializes in money transfer through a network of agents and its own stores.
Each transaction may be made for up to $ 100 from more than 150 countries, while withdrawals may be for up to 2,500 pesos in cash.
Euronet Worldwide’s strategy is to increase the volume of money transfers processed by leveraging its existing banking and business relationships to expand its agent and correspondent networks across existing brokers.
In parallel, it seeks expansion to high-potential money transfer corridors from the United States and internationally beyond the traditional corridor from the United States to Mexico.
In addition, it hopes to continue to take advantage of cross-selling opportunities with its epay and EFT processing segments by providing prepaid services through its stores and agents and offering its money transfer services at selected prepaid retail locations and ATMs that operate in key markets. .
Euronet Worldwide says it will continue to make investments in its systems to support this growth.
The money transfer company’s business is significantly affected by seasonality that varies by region.
In most of its markets, it experiences higher levels of money transfer transactions during the month of May and in the fourth quarter of each year, coinciding with several holidays.
Likewise, in the corridor from the United States to Mexico, it generally experiences its highest volume during the period from May to October, coinciding with the increase in the migration patterns of workers and various holidays, and its lowest volumes during the first quarter.
Euronet Worldwide financial indicator
“At Oxxo we seek to innovate in financial services that meet the needs of our clients, seeking to simplify their lives by carrying out their daily operations in the same place,” said Santiago Rivera, manager of financial and electronic services for the chain, in the statement.