- Binance has extended crypto payments to Latin America with the introduction of ‘Send Cash’
- The product is based on Binance Pay, which launched in 2021 and boasts over 12 million registered users
- Send Cash has been made accessible to Binance users in nine countries in the region, allowing crypto to go directly to a bank account in cash form
Binance has expanded crypto payments to Latin America thanks to the rollout of a new product, ‘Send Cash’. The portal will allow users to transfer cryptocurrencies using the existing Binance Pay application, enabling direct money transfers to recipients’ bank accounts in nine countries. Send Cash will use licensed service providers to streamline digital transfers, with Binance stating that its objective is to enhance transaction efficiency while minimizing both time and costs.
Nine Countries Able to Access Send Cash
Binance Pay launched in 2021 and has claims over 12 million registered users, with Send Cash being the latest innovation using the technology. The platform launched in Brazil last year, and now neighbouring countries can get in on the act.
The initial stage of Send Cash will be accessible for Binance users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico. These users will be able to employ Binance Pay to send crypto funds to recipients with bank accounts in Colombia and Argentina, with cash conversions at the other end, bringing greatly reduced friction to the process.
The launch of Send Cash follows other recent developments from Binance Pay in this area, including partnerships with Despegar, Credencial Payment, and Vita Wallet which aim to expand payment and remittance alternatives for easy, low-cost cross-border transactions.
Binance Targeting the Unbanked
Min Lin, Regional VP for Latin America at Binance, emphasized the significance of this step forward for the company and its commitment to the crypto industry in the region:
Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face and, from Binance, we continue to work to respond to them with products that fit those local needs,”
Binance added in its statement that financial inclusion plays a pivotal role in combating poverty and fostering economic growth. According to the World Bank’s Global Fintex 2021 report, a significant portion of adults in Latin America and the Caribbean, approximately 42%, lack access to a bank account, which provides Binance (and the crypto world in general) with a great target market for adoption.
Binance was forced to pull its Binance Card out in three South American countries last week after Mastercard withdrew its support, showing that Binance isn’t getting it all its own way in the region.
