Binance, the world’s largest cryptocurrency exchange, has announced a new service called ‘Send Cash’ for the Latin American market. The service allows users to send cryptocurrency directly to bank accounts using Binance Pay, a crypto payment platform.
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According to Binance’s blog post, ‘Send Cash’ is designed to make digital money transfers more convenient and cost-effective. It leverages the crypto payment capabilities of Binance Pay in collaboration with licensed financial service providers.
Binance’s new ‘Send Cash’ service is initially being rolled out to users in nine Latin American countries, including Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
During the first phase of the service’s launch, users will be able to transfer funds to bank accounts located in Colombia and Argentina at highly competitive rates.
Min Lin, Binance’s Regional Vice President for Latin America, said that the introduction of ‘Send Cash’ is a significant milestone for Binance in its ongoing commitment to the Latin American crypto sector. The service is designed to provide tailored cryptocurrency solutions to meet the specific needs of individuals and businesses in the Latin American region.
By offering convenient and cost-effective options for everyday use, the service aims to address the unique challenges faced by users in this market.
According to data from the World Bank’s Global Fintex 2021 report, 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 is designed to bridge the financial inclusion gap by providing a convenient and cost-effective way for users to transfer funds, even if they are not currently participating in traditional financial systems.
Additionally, Binance Pay has recently formed partnerships with companies such as Despegar, Credencial Payment, and Vita Wallet to expand the range of payment and remittance options available to users. These partnerships aim to provide users with more convenient and cost-effective ways to transfer funds.
