Binance has unveiled a new feature for its Latin American clients. This solution will enable users in nine Latin American nations to transmit crypto via Binance Pay; hence, beneficiaries in Argentina and Colombia can directly collect these transfers into their bank accounts.
Binance announced the new “Send Cash” feature on Aug. 29, which promises a more efficient, cost-effective method of digital money transfer, addressing the prevalent financial inclusivity challenges in the region.
- According to the World Bank’s Global Fintex 2021 report, 42% of adults in Latin America lack bank access, which is nearly double the global average.
- Send Cash, set to debut in countries including Colombia, Mexico, and the Dominican Republic, aims to offer a seamless, low-cost solution to Binance users, solving the inclusivity challenges.
- Min Lin, Binance’s Regional VP for Latin America, expressed the company’s dedication to Latin America, stating,
“This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life.”
- Binance’s progressive approach follows its recent collaborations with Despegar, Credencial Payment, and Vita Wallet.
- These alliances are geared toward broadening payment avenues, with Binance Pay positioned as a primary payment option, particularly for cross-border transactions.