The Chris Plante Show 9:00pm - Midnight

Listen Live

Search

Mexican Retail Giant Femsa Reduces Staff at Digital Payment Division Spin

Friday, March 20, 2026 at 8:22 PM

Mexican retailer Femsa announced workforce reductions at its financial technology subsidiary Spin, which operates a digital payment app launched in 2021. The company says the cuts are part of a strategic shift to focus more heavily on its Oxxo convenience store chain.

MEXICO CITY – Mexican retail and beverage conglomerate Femsa announced Friday that it is reducing its workforce at Spin, the company’s financial technology subsidiary that operates a digital payment application introduced in 2021.

While Femsa declined to specify how many jobs are being eliminated, a company representative explained that the workforce reduction is part of a strategic restructuring designed to concentrate more resources on its Oxxo convenience store operations.

“This process has primarily focused on support functions, without impacting operations for our customers,” the company said in a statement.

Earlier Friday, Bloomberg had reported that several hundred jobs were cut at Spin as part of broader workforce reductions affecting multiple business units within the corporate group.

Mexico has seen significant growth in financial technology firms providing digital payment solutions in recent years. Femsa, widely recognized for its extensive network of Oxxo retail locations, has worked to integrate digital financial services with its traditional cash-heavy retail operations, where customers frequently handle bill payments and money transfers.

During its most recent quarterly earnings announcement, Femsa revealed plans to postpone pursuing a banking license until its consumer lending services show stronger performance. The company also indicated it would discontinue seeking external partnerships for its Premia customer rewards program, which operates through the Spin platform.

Share

More from TV Delmarva Channel 33 News

  • Salisbury University Swimmers Show Strong Performance at NCAA Championships

    The nationally-ranked Salisbury University women's swimming team delivered impressive performances during the third day of competition at the NCAA Division III Championships. The Sea Gulls continued their strong showing at the Indianapolis venue on Friday.

  • Havana Denies U.S. Embassy Diesel Request Amid Ongoing Fuel Tensions

    Cuban officials have rejected the U.S. Embassy's request to import diesel fuel for generators while the Trump administration maintains its fuel embargo on the island nation. The State Department is now considering reducing embassy staff due to the diesel shortage, which could trigger similar cuts at Cuba's Washington embassy.

  • Iran Launches Missiles at Diego Garcia Base, Fails to Strike Target

    Two ballistic missiles launched by Iran toward the Diego Garcia military facility in the Indian Ocean missed their intended target, according to a Wall Street Journal report. One missile malfunctioned during flight while a U.S. naval vessel attempted to intercept the second with defensive weapons.

  • Georgia Mother Charged with Murder After Taking Abortion Medication

    A 31-year-old Georgia woman was arrested and charged with murder after taking abortion medication at home and delivering a premature infant who died within an hour. The case is unusual as most states target abortion providers rather than women seeking abortions, and advocacy groups say the charges have no legal basis.