Inswitch and Binance Pay partner to boost crypto payment adoption in LatAm

By Edlyn Cardoza

Inswitch, an embedded financial technology and payment infrastructure, and Binance Pay, a contactless, borderless, and secure cryptocurrency payment technology designed by Binance, the blockchain ecosystem and cryptocurrency infrastructure provider, announced they have signed a strategic partnership, which will enable both sides to improve their FinTech solutions and offer Binance Pay to all merchants in LatAm.

The partnership between Binance Pay and Inswitch will provide millions of LATAM merchants with intriguing options in the crypto space, allowing them to increase revenue by accepting crypto and enabling all companies with a new way to service payments.

Some of the features involved in this partnership will allow merchants to:

• Receive payments in 50+ cryptocurrencies with lightning-fast payments.
• Support new products or business models and accept recurring payments globally
• Quickly set up Binance Pay and manage recurring customers with Inswitch’s APIs and solutions (e.g., Payment Links, Hosted Checkout, etc.)

“We are very excited and committed to democratize the payment industry, connecting more than 650 million in Latam with e-commerces around the world. Now merchants will have more options on how to get paid and let their customers choose how to pay wherever they are,” said Ronald Alvarenga, CEO of Inswitch.

Furthermore, with Inswitch, merchants can configure everything through Inswitch Business Portal or create new digital journeys through flexible APIs and a suite of low-code FinTech products. And merchants can flexibly accept different payment methods to best fit their needs.

This agreement will support different types of businesses: Business-to-Consumer, Business-to-Business, and Consumer-to-Business. Binance Pay and Inswitch are positioned to deliver a robust turnkey solution across various sectors, including e-commerce, Retailers, Travel, CPGs, Banks, and Gig economy.

“We are thrilled to bring crypto payments to more than 650 million LATAM users by partnering with Inswitch, this keeps reinforcing Binance Pay’s objective of providing contactless, borderless, and secure cryptocurrency payment experiences to companies and consumers,” stated Jonathan Lim, Global Head of Binance Pay.

Recently, IBS Intelligence reported that Binance and Mastercard had announced the launch of Binance Card in Argentina to bridge the gap between cryptocurrencies and everyday purchases. The Binance Card is part of the company’s ongoing efforts toward tangibly furthering global cryptocurrency adoption.