Binance launches crypto-to-bank payment in Latin America
Binance, a leading global cryptocurrency exchange, has unveiled an innovative crypto-to-bank payment solution across nine Latin American countries. This strategic move aims to show Binance’s commitment to broadening its services and fostering the integration of crypto into everyday life.
‘Send cash, instant, low fees’
In a recent announcement made on August 30, 2023, Binance revealed that it is currently working with licenced transfer processing providers for its ‘Send Cash’ initiative, the tag for their crypto-to-bank payment solution. This will enable users to transfer their crypto directly to their bank accounts via Binance Pay at a lower cost.
This can lead to quicker, more seamless, and cost-effective transaction processing across various areas, including online purchases of products, services, and digital goods. Hence, the withdrawal and deposit procedures in the growing realm of crypto casino games could also experience positive effects for players worldwide, given that it encompasses cross-border transactions as well.
According to Min Lin, Binance’s Regional VP for Latin America, this progress is a great leap forward for Binance. It shows their commitment to the crypto industry in the said region, expanding the benefits of financial inclusion. Lin also mentioned that people and businesses in the LATAM countries are receptive to innovative solutions that address their specific challenges, and Binance continues to develop products that meet their needs.
Covered countries
Binance’s latest initiative extends its coverage to users from nine key Latin American countries, which include:
- Colombia
- Honduras
- Guatemala
- Argentina
- Costa Rica
- Paraguay
- Dominican Republic
- Panama
- Mexico
Binance emphasized the difficulties faced in Latin America, referring to a 2021 World Bank report revealing that 42% of adults in the region lack access to a bank account.
This initiative represents a significant advancement, as cryptocurrency is increasingly being used as a means to transfer money across borders. Its popularity is growing steadily, driven by the enduring issue of high inflation rates in numerous countries within the region. For instance, Argentina has the fourth highest inflation rate globally at 113%. The same with Haiti, Cuba, and Colombia that continues to experience double-digit inflation as of today.
More of Binance’s initiatives
Binance has been making remarkable progress in terms of payments and remittances, in light of the recent developments. It has been focusing on forging strategic partnerships with Despegar, Credencial Payment, and Vita Wallet, for expanding their payment options and improving cross-border transactions.
Despegar, a leading online travel agency in Latin America, partnered with Binance Pay to accept cryptocurrency payments for bookings in Argentina. This makes it a groundbreaking development in the region’s travel and tourism industry.
Binance Pay has also joined forces with Credencial Payments to enable users to make quick cryptocurrency payments at any merchant that accepts Credencial Payments. Users scan a QR code, select their preferred cryptocurrency, and the payment is processed instantly, with the merchant receiving funds in their local currency.
Just recently, Binance’s CEO, Changpeng Zhao has made a statement that Binance is way ahead of the game. This claim is supported by their commitment to enhancing services for users worldwide, ensuring a smooth experience across various activities such as purchasing goods, engaging in crypto casino games, conducting peer-to-peer transactions, and more.
