With the help of Binance’s Send Cash service, Latin American Crypto users may send cryptocurrency to bank accounts in Argentina and Colombia from nine different countries. The implication is that Latin American users can now pay with crypto using Binance.

With the introduction of a new crypto-to-bank account payment method for Latin America, cryptocurrency exchange Binance is broadening its selection of services there.

The New Development Known As “Send Cash” for Latin American Crypto Users

Latin American crypto Users Can Now Pay with Crypto Using Binance

The new “Send Cash” offering, which enables customers from nine countries to send cryptocurrency funds directly to bank accounts, was announced by Binance on August 30. It stated it is collaborating with authorized transfer processing companies.

Users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico can access the new feature.

Users from these nations can transfer funds to receivers with bank accounts in Colombia and Argentina using Binance Pay. The exchange’s native cryptocurrency payment technology platform is called Binance Pay, and it has witnessed expansion in Eastern Europe, Asia, and Africa.

According to Min Lin, regional vice president of Binance for Latin America, the company is creating new cryptocurrency use cases “in everyday life.”

“Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face,” he continued.

To illustrate the issues in Latin America, Binance cited a World Bank study from 2021 that revealed that 42% of adults there do not have access to a bank account; hence, the service attempts to improve financial inclusion in that population.

As high inflation persists in many LATAM nations, cryptocurrency is frequently used for remittances, and acceptance is rising.

According to Trading Economics, Venezuela, which is not a part of Binance’s new service, has the highest inflation rate in the world at 398%. With 113%, Argentina has the fourth-highest inflation rate worldwide. The inflation rates in Colombia, Cuba, and Haiti are still double-digit.

however, for Binance, things have sometimes gone poorly in Latin America. The exchange said on August 24 that it was discontinuing its crypto debit card services in the area.  Even though the motivations for this change needed to be made clear, it was guaranteed that very few consumers would be impacted.

It clarified, “Only a tiny portion of our users (less than 1% of users in the markets mentioned) are impacted by this. Users of this product will have until September 21, 2023, when the card will no longer be available for use.”

Strategic Collaborations Help Binance Pay Increase Cryptocurrency Payment Options

The company reaffirms its commitment to promoting the adoption of cryptocurrencies in regular transactions across Latin America as it turns its attention to the ground-breaking Send Cash platform.

Binance Pay has made significant efforts to broaden its reach and impact within the payment and remittance ecosystem in the wake of recent developments.

Binance Pay established strategic alliances with Despegar, Credencial Payment, and Vita Wallet to increase cross-border transactions and expand payment choices.

One noteworthy partnership involved the well-known Latin American online travel firm Despegar (DESP), which joined with Binance Pay to support cryptocurrency payments for reservations made in Argentina.

Despegar has created a ground-breaking precedent for the region’s tourism sector by accepting cryptocurrency as payment.

On August 6, Binance Pay and Credencial Payments, a significant Latin American payment processor, announced the formation of yet another substantial cooperation. Due to this collaboration, customers of Binance Pay can now make instant cryptocurrency payments at any business that takes Credencial Payments.

Users scan a QR code at the retailer’s point of sale (POS), choose their preferred cryptocurrency, and the transaction is promptly performed, giving the retailer money in their home currency.

The timing is right with Binance’s recent debut in the Brazilian market. This cutting-edge form of payment allows local businesses to attract new customers while streamlining processes and lowering expenses.