Ripple Now Powers WhatsApp-Based Payments Between US & Mexico• December 13, 2022 10:06 pm • Comments
Bitso, Latin America’s largest cryptocurrency exchange, has just announced that they will be partnering with remittance provider Felix Pargo.
The partnership will enable crypto-powered payments to be conducted between the US and Mexico through a WhatsApp remittance.
The good news about this is that Bitso is also one of the main partners of Ripple and uses Ripple’s On-Demand Liquidity solution quite extensively.
The fact that Bitso is building this new remittance between the two countries effectively means that Ripple’s ODL solution is continuing to expand internationally at an incredible rate.
In essence, it proves that Ripple’s solutions have not been affected by the ongoing lawsuit due it being the most competitive option on the market right now.
#Ripple’s partner and Latin America’s largest #cryptocurrency exchange, #Bitso, has partnered with the leading remittance provider Félix Pago, to offer cross-border settlements from the U.S. to Mexico. Users can send Whatsapp-based cryptocurrency payments from the US to Mexico. pic.twitter.com/et9ReeGhlR
— Hadri Derar (@HadriDerar) December 9, 2022
News outlet CrownFund Insider first reported the partnership, adding that the long-term objective of Bitso and Felix Pago’s arrangement is to extend to other countries in Latin America including Brazil, Colombia, and Argentina in which Bitso already has a significant presence.
The Mexico remittance corridor is one of the biggest in the Latin American region. In 2021, Mexico received an estimated $51.6 billion in remittances in 2021, which accounts for 40.4% of all Latin American remittances.
The region also received a record $127.6 billion in remittances during the year, a year-over-year growth of 26 perc
Felix Pago is a provider of “chat remittance technology.” Its payments service launched earlier in 2022, works over WhatsApp.
It allows users to perform transactions over the instant messenger platform as easily as sending a text message with settlement in real time.
This partnership will enable easy transactions from US dollars to Mexican pesos and vice versa without having to deal with all the headaches that usually come with sending crypto.
Given the fact that Bitso is already a highly regulated and established crypto services provider in Mexico, it made it the ideal partner for Felix Pago to help serve as much users as possible in Mexico.
With this remittance being built, it also once again proves that building remittances that are powered by the XRPL infrastructure is easy, cheap, and fast.
Investors and speculators may soon expect a lot more remittance corridors between different countries open up in the near future.
With more payment transaction networks to support, this then gives an even greater importance to XRPL and its native token XRP.
Whatsapp transfer between Mexico and US is now possible with Ripple’s crypto platform https://t.co/2dk0aOavb2
— Compsmag (@compsmag) December 12, 2022
The Bitso and Felix Pago partnership is not the only recent expansion that Ripple’s ODL service has recorded. ODL, which utilizes XRP, has been onboarding more remittance markets, as well as servicing retail payments from small and medium-sized enterprises and merchants.
The year has seen ODL enter remittance markets such as Australia, and Brazil, and also expand in the U.A.E., and Africa. Ripple reports having a presence in 90% of all remittance corridors in 2022.
Meanwhile, the price of XRP has continued to be suppressed in part by the crypto bear market and also due to the SEC case against the company. In the last 24 hours, XRP has been changing hands at $0.38, down 1.25%.
Ripple launches crypto-based Whatsapp remittance between Mexico and U.S. – XRP to profit https://t.co/CJUthd5f1A
— ELEVENEWS (@elevenewscrypto) December 11, 2022
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