Felix Pago launches a payment solution with Circle technology to make remittances in LatAm simple
By Edlyn Cardoza
Chat remittance technology provider Felix Pago has integrated Circle’s payments technology to facilitate real-time remittances from the United States to Latin America.
Using blockchain technology, Felix Pago has developed a solution that allows consumers to initiate transactions on WhatsApp, a Meta chat service with wide adoption among Latino communities, which settle in Circle’s USD Coin (USDC) for fast and inexpensive cross-border transfers.
“By using one of several blockchains that support USDC, our users can send money at the same speed it takes them to send a WhatsApp message to their family and friends,” explains Jonathan Kleinman, head of alliances at Félix Pago. “Our collaboration with Circle makes it possible to bring the benefits of cryptocurrencies to the millions of hardworking immigrants who go to great lengths to care for their families, but who are poorly served by traditional providers and their outdated payment rails.”
In 2021, Latin America and the Caribbean received a record $127.6 billion in remittances, representing an annual growth of 26%, the highest recorded in the last 20 years, according to a report by the International Development Bank.
However, facilitating cross-border payments through traditional payment rails typically has multi-day settlement terms and complex relationships with bank correspondents. The costs of these operations are passed on to consumers through high commissions and bad exchange rates.
Blockchain technology has enabled a significantly faster alternative, but adoption has been limited due to interfaces that are difficult for the consumer to navigate. The chat solution offered by Félix Pago, combined with Circle’s infrastructure, facilitates access to stablecoins, gives confidence, and simplifies the process for the user.
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February 23, 2024
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