Following Binance’s suspension of its cryptocurrency debit card service, Binance has launched a new product in Latin America called “Send Cash,” which enables users in nine countries in the region to transfer cryptocurrencies using Binance Pay.
In Tuesday’s announcement, Binance “Send Cash” will enable users to transfer digital funds quickly and at low cost through authorized providers.
The platform combines Binance Pay’s encrypted payment technology with a licensed service that simplifies digital transfers, increasing efficiency and reducing fees.
On August 24, Binance raised eyebrows when it unexpectedly announced that it would stop offering debit card services in Latin America and the Middle East. “Binance Card will no longer be available to users in Latin America and the Middle East,” the tweet said.
Binance did not provide specific reasons for the suspension, but assured that only a minimum of 1% of users would be affected by the decision.
It clarified: “Only a small percentage of users (less than 1% of users in the markets mentioned) are affected by this. Users of the product will have until 21 September 2023 to use the card, at which time the card will no longer be available.” available again”.
Among these developments, it’s worth noting that Binance is launching a “send cash” feature targeting users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico.
This feature enables Binance users to transfer their crypto assets using Binance Pay and send funds to recipients with bank accounts in Colombia and Argentina. This marks the initial phase of the rollout, and the service will be offered at the most competitive prices in the market.
“This is another step forward for Binance to reaffirm its commitment to the Latin American cryptocurrency industry, expand the benefits it offers in terms of financial inclusion, and develop new ways to use cryptocurrencies in everyday life,” said Min. way.” Lin, Regional Vice President of Binance Latin America.
“Individuals and businesses in the region are very open to innovations that address the specific challenges they face, and Binance will continue to work hard to address them with products tailored to local needs.”
Binance Pay Expands Cryptocurrency Payment Options Through Strategic Partnership
In recent developments, Binance Pay has made significant strides in expanding its reach and influence in the payments and remittance space.
Notably, Binance Pay has formed strategic partnerships with Despegar, Credencial Payment, and Vita Wallet to expand payment options and enhance cross-border transactions.
One of the notable collaborations involved Latin American online travel agency Despegar (DESP), which partnered with Binance Pay to enable cryptocurrency payments for bookings in Argentina.
By accepting cryptocurrencies as a form of payment, Despegar is setting a groundbreaking precedent for tourism in the region.
On Aug. 6, Binance Pay announced another major alliance with major Latin American payment processor Credencial Payments. The partnership enables Binance Pay users to make real-time crypto payments at any merchant that accepts voucher payments.
The process is seamless — the user scans the QR code at the merchant’s point of sale, selects the desired cryptocurrency, and the payment is processed instantly, with the merchant receiving the funds in their local currency.
The timing is in line with Binance’s recent entry into the Brazilian market. This innovative payment method offers local businesses a promising opportunity to not only attract new customers, but also to simplify transactions and reduce costs.
