Binance, a global leader in blockchain and cryptocurrency infrastructure, has unveiled a new service called ‘Send Cash’ for the Latin American market. This innovative feature allows users from nine Latin American countries to send cryptocurrency directly to bank accounts using Binance Pay. The service employs licensed money transfer processors to ensure smooth and secure transactions.
According to Binance’s blog post, the ‘Send Cash’ service is designed to make digital money transfers more straightforward by cutting down on both time and expenses. It leverages the crypto payment capabilities of Binance Pay in conjunction with licensed financial service providers. Initially, the feature will be accessible to Binance users residing in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. In its initial phase, the service will enable fund transfers to bank accounts located in Colombia and Argentina, offering the most competitive fees in the market.
Min Lin, Binance’s Regional Vice President for Latin America, emphasized that the introduction of ‘Send Cash’ is a significant milestone for Binance in its ongoing commitment to the Latin American crypto sector. The service aims to address the unique challenges faced by both individuals and businesses in the region by offering tailored crypto solutions for everyday use.
According to data from the World Bank’s Global Fintex 2021 report, a staggering 42% of adults in Latin America and the Caribbean are without a bank account, a figure that stands in contrast to the global average of 24%. Binance’s ‘Send Cash’ service aims to fill this financial inclusion gap while also streamlining transaction times and costs for those already participating in traditional financial systems.
In a related development, Binance Pay has recently entered into partnerships with Despegar, Credencial Payment, and Vita Wallet. These strategic alliances are intended to expand the range of payment and remittance options available to users, with Binance Pay being integrated as a new payment method. These partnerships also aim to enhance the efficiency of cross-border financial transactions.