MEXICO CITY Oct 6 Mexico's Femsa said on
Thursday its convenience store chain Oxxo had signed a deal with
U.S. payments company Western Union that will allow
customers to receive international money transfers in its stores
The company said that clients in more than 14,000 stores
will be able to receive remittances worth up to 11,600 pesos
($603) per transaction, but that only 1,000 pesos will be issued
in cash, with the rest deposited on a debit card with one of
Oxxo's existing banking partners.
Oxxo has agreements with at least 11 banks to offer
financial services, as well as its own debit card linked to
accounts with Citigroup's recently rebranded Citibanamex
Remittances to Mexico, which are an important driver of
retail sales, were 6.6 percent higher between January and August
than in the year-earlier period.
Western Union signed a money transfers deal in July with
Mexico's biggest retailer, Wal-Mart de Mexico.
($1 = 19.2354 Mexican pesos)
(Reporting by Gabriela Lopez; Editing by James Dalgleish)