OXXO, the largest convenience store chain in Mexico, announced the implementation of virtual ATMs in its establishments to facilitate cash withdrawals. This initiative seeks to improve access to financial services throughout the country.
Starting in 2024, OXXO customers will be able to make cash withdrawals through a new virtual ATM system, which will be available in several stores in the country. This measure is part of an effort to expand financial inclusion and improve the customer experience.
How will OXXO’s virtual ATMs work?
OXXO has been a pioneer in offering financial services in Mexico, allowing customers to make transactions such as utility payments and cash deposits. As El Financiero explains, with the introduction of virtual ATMs, the company is taking another step towards digitizing and improving its financial services.
OXXO’s virtual ATMs will use GLORY’s CASHINFINITY™ technology, known as iBox, which allows operations such as cash withdrawals to be carried out in an automated manner. This technology will not only increase the availability of cash, but will also improve security by validating and rejecting counterfeit bills.
Pilot states for OXXO virtual ATMs
The implementation of this technology will begin in some key states, such as Nuevo León, Chiapas, Guanajuato, Jalisco, Oaxaca and Puebla. It is expected that this system will not only facilitate cash withdrawals, but will also allow users to carry out other financial transactions without having to visit a bank, according to the newspaper Plano Informativo.
Impact on financial inclusion
The introduction of virtual ATMs at OXXO is in line with the goal of improving financial inclusion in Mexico. Forbes Mexico highlights that many of its stores are located in areas where access to banking services is limited, so this initiative could close significant gaps in the supply of financial services.
Benefits for customers
This technology offers customers greater convenience and accessibility, allowing them to carry out transactions during extended hours, 365 days a year. Additionally, the use of virtual ATMs is expected to reduce queues and streamline operations at OXXO stores.
The implementation of virtual ATMs at OXXO stores represents a significant step towards the modernization of financial services in Mexico. By facilitating access to cash and other banking services, OXXO continues to consolidate itself as a key player in the country’s financial inclusion.
Source: emprendedor
