Binance has suspended its cryptocurrency debit cards services and introduced a brand new product: ‘Send Cash’. This allows users in 9 countries across Latin America to send crypto using Binance Pay.
In a statement on Tuesday, Binance explained that ‘Send Cash’ users will be able to quickly and easily transfer digital money at lower rates through authorized providers. This platform combines Binance Pay’s Cryptopayment technology with licensed service, streamlining digital transfer for increased efficiency and reduced costs.
The unexpected discontinuation of Binance’s debit cards services was announced on August 24 and affected users in Latin America and the Middle East. The Tweet stated, “The Binance Card will no longer be available to users in Latin America and the Middle East.”
Binance assured that only a small percentage of users will be affected by this decision, clarifying, “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.”
In light of these changes, Binance has made ‘Send Cash’ available to users in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, The Dominican Republic, Panama and Mexico. This feature enables Binance Pay users to send money to those with bank accounts, as well as transfer crypto assets, offering an efficient and cost-effective way of sending funds.
Min Lin, Regional Vice President for Latin America at Binance, commented on the development, “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 has taken major steps to increase its influence and reach within the payments and remittances landscape. It has entered strategic partnerships with Despegar, Credencial Payment and Vita Wallet in order to broaden payment options and enhance cross-border transactions.
One remarkable collaboration was with Despegar, a prominent Latin American online travel agency. This landmark enabled customers to book hotels with Bitcoin, revolutionizing the travel industry in the region.
On August, Binance Pay also announced its alliance with Credencial Payments, one of the largest payment processors in Latin America. This partnership allows users to make crypto payments in real time at any merchant accepting Credencial Payments. All they have to do is scan a QR code at the merchant’s point of sale, select the desired cryptocurrency, and the payment is instantly processed, with the merchant receiving funds in their local currency.
Binance Pay recently entered the Brazilian market, offering local businesses a new payment option that can attract new customers, streamline transactions and reduce cost.