HomeCrypto NewsMarketRipple Partner Bitso Launches Crypto-Powered WhatsApp Remittance Between U.S. and Mexico

Ripple Partner Bitso Launches Crypto-Powered WhatsApp Remittance Between U.S. and Mexico

Date:

Written By:

Latest News

- Advertisement -

 

- Advertisement -

Bitso partners with Félix Pago to offer fast and low-cost remittances from the U.S. to Mexico.


Ripple’s partner and Latin America’s largest cryptocurrency exchange, Bitso, has partnered with the leading remittance provider Félix Pago, to offer cross-border settlements from the U.S. to Mexico. Under the partnership, users can conveniently send Whatsapp-based cryptocurrency-enabled payments from the United States to Mexico.

 

Félix Pago Remittance Solution

- Advertisement -

Launched in 2022, Félix Pago uses a chat remittance technology on WhatsApp to enable users to send funds internationally just as easily as sending messages to family and friends. Through Félix Pago’s WhatsApp integration, it takes only 45 seconds to complete transactions. Félix Pago claims Mexicans residing in the U.S. use its chat remittance technology to send over $500K monthly in more than 2,000 transactions.   

Bitso is now working with Félix Pago as a backend cryptocurrency provider, allowing users to send U.S. dollars received as Mexican Pesos. Bitso will handle the conversion of U.S. dollars into Mexican Pesos using Ripple’s On-Demand Liquidity (ODL) solution. Settling transactions in 45 seconds, Félix Pago noted that its partnership with Bitso will provide fast settlements and lower transaction costs.

Commenting on the development, Bernardo García, co-founder of Félix Pago, said the company chose Bitso as its remittance partner because of the cryptocurrency exchange’s reputation, adding: 

“We have chosen Bitso to facilitate these payments due to its reputation and experience as a transparent and regulated company that successfully makes cross-border payments with crypto for millions of users.” 

Latin American Countries’ Remittance

While the partnership will initially focus on payments between the U.S. and Mexico, the partners plan to expand the service across various countries in Latin America. This region has become a major hub for cross-border remittance.

According to reports, Latin American countries received $127.6B in remittances in 2021, representing an annual growth of 26%. Mexico was ranked the highest recipient of remittance in the Latin America region. The country received $51.6 billion in remittances in 2021, which accounts for 40.4% of Latin American remittances. 

Ripple and Bitso Provide Financial Services in Latin America

Meanwhile, Bitso has continued to be an important Ripple partner and a corridor for its On-Demand Liquidity solution. Recall that Ripple partnered with Bitso in 2014 to provide financial services for Latin America’s large underbanked population.

TheCryptoBasic reported in September that Bitso joined forces with Africhange, an African-Canadian payment system, to facilitate cross-border settlements between Mexico and Canada.

- Advertisement -

Author

Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

More from Author