After halting its crypto debit cards in Latin America, Binance is introducing a new service called “Send Cash” in the region. This will let users in 9 Latin American nations transfer crypto through Binance Pay.
Binance said Send Cash enables fast, low-cost digital transfers using licensed providers. By combining Binance Pay’s crypto tech with authorized services, it streamlines digital payments for better efficiency and lower fees.
Binance surprised many on August 24 when it announced it was stopping debit card services in Latin America and the Middle East. Their tweet said the cards would no longer be available in those areas.
Binance did not explain the reasons behind suspending the service. They stated only a small percentage of users would be affected.
Less than 1% of users in those markets use the debit card. Existing cardholders have until September 21, 2023, before the cards are deactivated.
So while unexpected, Binance stressed the debit card halt impacts only a very small number of its Latin American and Middle Eastern users.
It’s notable that Binance is debuting its “Send Cash” feature in 9 Latin American nations – Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, Dominican Republic, Panama, and Mexico. This lets Binance users transfer crypto assets and send funds to recipients with bank accounts in Colombia and Argentina to start.
The launch offers these services at the lowest rates in the market. Regional VP Min Lin said: “This is another step forward for Binance, demonstrating our commitment to crypto in Latin America, expanding financial inclusion benefits, and developing new daily uses for crypto.”He added: “People and businesses here are very receptive to innovations that solve specific problems, and we’ll keep responding with products tailored to those local needs.”
So Send Cash allows more Binance Pay functions for cost-effective crypto transfers as Binance grows its offerings, even after halting debit cards in the region.
Binance Pay has made major strides recently to expand its presence in payments and remittances. It partnered with Despegar, Credencial Payment, and Vita Wallet to widen payment options and enhance international transfers.
A notable partnership was with Despegar, a leading Latin American travel site, enabling crypto bookings in Argentina – a first for the regional travel industry.
By accepting crypto, Despegar set a precedent. The collaborations overall extend Binance Pay’s reach and sway in payments and remittances.
Additionally, Binance Pay teamed up with Credencial Payments, a major Latin American processor, allowing real-time crypto payments at Credencial merchants.
Users simply scan a QR code, select a crypto, and payment instantly processes with the merchant receiving local currency.
This aligns with Binance entering Brazil. It presents opportunities for businesses to draw new customers, simplify transactions, and reduce costs as crypto payments gain traction regionally.
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