Bitso has partnered with remittance service Felix Pago to allow crypto-powered transfers.
Felix Pago is a supplier of “chat remittance technology.”
As time goes on, Ripple’s On-Demand Liquidity (ODL) is becoming more popular in the Latin American cross-border settlement corridor.
Bitso, the biggest cryptocurrency platform in Latin America and a client of Ripple, has partnered with remittance service Felix Pago. To allow crypto-powered transfers between the United States and Mexico to be made using WhatsApp.
The agreement also noted that Bitso and Felix Pago want to eventually expand their operations. Into further Latin American markets including Brazil, Colombia, and Argentina.
Among the largest in all of Latin America, the corridor that runs through Mexico is used by millions of people to send money home. According to projections, Mexico received $51.6 billion in remittances in 2021 or 40.4% of all remittances sent to Latin America.
Essential Service to Mexicans
Moreover, Felix Pago is a supplier of “chat remittance technology.” Early in 2022, it began offering a payment service that could be accessed through WhatsApp. With this feature, users may conduct transactions as simple as sending a text message. And the funds will be transferred and settled instantly inside the instant messaging platform.
Through this collaboration, Bitso will serve as a backend crypto provider. Enabling customers to send and receive US dollars and Pesos without having to deal with the complexities of the underlying crypto infrastructure. Moreover, co-founder Bernardo Garca expressed his company’s enthusiasm for collaborating with Bitso to provide this “essential service” to Mexican households.
Furthermore, the relationship between Bitso and Felix Pago isn’t the only recent growth in Ripple’s ODL service’s user base. Moreover, ODL, which leverages XRP, has been onboarding new remittance markets. As well as facilitating retail payments from small and medium-sized firms and retailers.