Crypto-focused exchange Bitso and LatamChat-based payment provider Felix Pagos have joined forces to provide remittances through an integrated WhatsApp system. The goal of the partnership is to make it simple for people to send payments through chat, making cryptocurrencies more accessible to those who lack familiarity with the technology.
Bitso and Felix Pagos Collaborating to Enable WhatRemittances
Cryptocurrency has been a compelling option for remittances but has seen a slow rate of adoption. That is why Bitso, one of the biggest crypto exchanges in Latam with over 6 million customers, joined forces with Félix Pagos, a chat payment provider, to offer remittances through WhatsApp. This allows users to send payments without even knowing that they are using cryptocurrencies.
According to Carlos Lovera, Bitso’s business development leader:
Working alongside Félix Pago has shown us that cryptocurrencies can be used to solve real world problems and directly benefit people.
The partnership is especially beneficial for the Mexico-US remittance channel. Mexico sent $5.36 trillion in remittances by itself in October, making it a critical element of the business. For now, the service is only available to Mexicans living in the US, but Bitso and Félix Pagos plan to expand their functionality to other Latam countries in the future.
How it Works
The system uses the Bitso backend as a bridge, providing liquidity for Félix users to receive payments in USD or Mexican pesos directly into a Mexican bank account. This is enabled through the use of stablecoins, which provide stability and help to avoid the volatility and inflation that can be associated with other forms of currency. Bitso is no stranger to the remittance market, having provided $1 billion in remittances by June alone.
What do you think of Bitso and Felix Pagos joining forces to enable remittances via chat? Let us know in the comments below.
Images credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is intended for informational purposes only. It does not constitute a solicitation or offer to sell or buy any products, services, or companies. Bitcoin.com does NOT provide advice on investment, tax, legal and accounting matters. Neither the company nor the author are responsible for any damage or loss that may be caused or alleged by the use of this content, goods, services, or in connection therewith.