Following a surprising move to suspend their cryptocurrency debit card services, Binance has now launched a new product in Latin America referred to as “Send Cash.” This platform, available in 9 countries across the region, combines Binance Pay’s crypto payment technology with licensed services, promising enhanced efficiency and reduced transaction costs.
Interestingly, this launch comes on the heels of Binance’s announcement about the halt of debit card services in Latin America and the Middle East, a decision that ostensibly would impact minimally, less than 1% of users in initial stages. The subsequent introduction of ‘Send Cash’ can be seen as a compensatory move targeting select users in countries like Colombia, Honduras, Guatemala, Argentina, Costa Rica, among others.
‘Send Cash’ banks on the seamless functionality of Binance Pay to facilitate the transfer of crypto assets, and initially, will enable funds to be dispatched to bank accounts in Colombia and Argentina. What’s worth noting is that the rates offered by the service are arguably the best in the market, marking a strategic stride towards the commitment to bring feasible financial solutions to the Latin American region.
“From Binance, we continue to work to respond with products that fit local needs,” said Min Lin, Regional VP for Latin America at Binance.
In other noteworthy developments, Binance Pay has been on a partnering spree lately, forming alliances with entities like Despegar, Credencial Payment, and Vita Wallet. These mergers are part of a grander goal to expand payment options and enhance cross-border transactions.
For instance, the collaboration with Despegar, a significant online travel agency, marked a momentous move for the Argentinian travel industry with the latter accepting crypto for bookings. Likewise, the alliance with Credencial Payments allows Binance Pay users to make real-time payments across numerous points of sale, with the transaction being converted in the merchant’s local currency.
These developments can be seen in light of Binance’s desire to reclaim their hold over Latin American markets. It simultaneously sets a great precedent for local businesses by offering them an innovative, cost-effective payment solution. While these new horizons of opportunity seem promising, only time will tell if these new strides in Latin America will prove beneficial for Binance.
Source: Cryptonews
