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Bitso Teams up with Felix Pago on Crypto Remittances

Through Félix Pago’s WhatsApp integration, users can now send crypto-powered payments from the US to Mexico

crypto remittance

Cryptocurrencies can make remittances easy, cheap and fast. Source: shutterstock.com

Latin America’s crypto leader, Bitso, coordinated its efforts with remittance provider Félix Pago. While Bitso will operate as a backend crypto provider, Félix Pago’s WhatsApp integration provides users with a simple interface to send money to their loved ones with real-time settlement.

The joint solution enables crypto-powered remittances from the US to Mexico to complete within 45 seconds. The transaction process is as simple as sending a text message. Although the transfer involves cryptocurrencies, users themselves don’t have to do with the crypto complexities. They send US Dollars and the recipient automatically gets Pesos in their account.

The new settlement method promises low cost and high speed, in contrast to the expensive and slow wire transfers. The partners plan to expand the service to other countries in Latin America if the initial use case proves successful.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.