Following the suspension of its cryptocurrency debit card services, Binance is introducing a novel solution in Latin America titled “Send Cash,” facilitating crypto transfers for users across nine countries in the region via Binance Pay.
In an official statement released on Tuesday, Binance revealed that “Send Cash” would empower users to seamlessly transfer digital assets while enjoying reduced transaction costs through authorized service providers.
This innovative platform seamlessly integrates Binance Pay’s cutting-edge crypto payment technology with licensed services, optimizing the efficiency of digital transfers while simultaneously cutting expenses.
The unexpected announcement of Binance discontinuing its debit card services in Latin America and the Middle East sent shockwaves through the crypto community on August 24. The announcement, made via Twitter, stated, “The Binance Card will no longer be available to users in Latin America and the Middle East.”
Although Binance did not elaborate on the specific reasons behind this service suspension, it reassured that only a minimal fraction, amounting to less than 1% of users, would be affected by this decision.
Binance clarified, “Only a tiny portion of our users (less than 1% of users in the mentioned markets) are impacted by this. Users of this product will have until September 21, 2023, before the card will no longer be available for use.
Amidst a flurry of recent developments, Binance has rolled out its groundbreaking “Send Cash” feature, targeting users across Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico.
This innovative feature empowers Binance users to harness the power of Binance Pay for hassle-free crypto asset transfers, specifically targeting recipients with bank accounts in Colombia and Argentina during its initial phase. All of this comes at competitive market rates, underlining Binance’s commitment to revolutionizing the financial landscape in Latin America.
Min Lin, the Regional VP for Latin America at Binance, expressed the significance of this move, stating, “This is another step forward for Binance, which renews its commitment to the crypto industry in Latin America, to the expansion of the benefits it offers in terms of financial inclusion, and to developing new ways of using crypto in everyday life. Individuals and businesses in the region are very open to innovations that can solve the specific challenges they face, and from Binance, we continue to work to respond to them with products that fit those local needs.”
Binance Pay Broadens Cryptocurrency Payment Choices via Strategic Collaborations
One particularly notable collaboration is with Despegar (DESP), a prominent Latin American online travel agency. Together with Binance Pay, they have enabled cryptocurrency payments for bookings in Argentina, marking a pioneering move in the region’s travel industry.
On August 6, Binance Pay also unveiled a significant partnership with Credencial Payments, a major payment processor in Latin America. This partnership empowers Binance Pay users to make real-time crypto payments at any merchant that accepts Credencial Payments. The process is effortless: users simply scan a QR code at the merchant’s point of sale, choose their preferred cryptocurrency, and the payment is swiftly processed, with the merchant receiving funds in their local currency.
This strategic expansion aligns perfectly with Binance’s recent entry into the Brazilian market, offering promising prospects for local businesses to not only attract new customers but also streamline transactions and reduce operational costs.