FEMSA acquires payment aggregator NetPay

NetPay will be part of the B2B element of the portfolio complementing other elements of the portfolio such as the OXXO wallet.

FEMSA has announced the acquisition of payment aggregator NetPay for small and medium-sized businesses in Mexico. In 2019, FEMSA acquired a minority equity stake in NetPay.

“With NetPay, Digital@FEMSA advances in its objective of transforming the relationship between the people of Mexico and their money; for example, how they manage their income, send money to friends, family, or suppliers, receive payments from customers, and generally benefit from reliable and efficient transactions,” said Jose Antonio Fernández Garza Lagüera, CEO of Digital@FEMSA.

With this transaction Digital@FEMSA continues to build an omnichannel portfolio of diverse financial and digital services to simplify the lives of millions of people. NetPay will be part of the B2B element of this portfolio, leveraging the payment solutions services, and complementing other elements of the portfolio such as the Spin by OXXO wallet and OXXO Premia’s loyalty strategy.

“Today, we take a step forward to help these small business owners broaden their payment solutions, allowing them in turn to attract and retain more customers,” said Garza Lagüera.

The transaction is subject to closing conditions and government approvals customary for this type of transactions and is expected to close during the first quarter of 2023.