Payment solutions platform RedotPay has announced the expansion of its integration with the Circle Payments Network (CPN). According to the platform, it is set to introduce a new cross-border feature that will target the Mexican market.
The new service, “Send Crypto, Received MXN,” aims to facilitate near-instant, low-cost payments to Mexico, one of the largest global remittance markets, according to a press release shared by the company.
The new feature allows users to convert digital assets into Mexican pesos almost instantly, offering users a new and cheaper alternative to traditional money transfer methods.
RedotPay unveils new feature for its users in Mexico
In the statement, Michael Gao, CEO of RedotPay, mentioned that the real value of digital assets is in being able to spend, send, and receive crypto as easily as local currency. “We are building a stablecoin-based payment infrastructure that is not only fast and efficient but also provides a seamless pathway for millions of families and businesses globally to participate in the global economy. This launch in Mexico demonstrates our vision to accelerate global financial inclusion,” he said.
The company noted that the system is expected to reduce transaction fees to around 1% compared to the average of 6.5% in the industry. The new feature and service are also coming at a time when Mexico is trying to establish itself as a critical hub in the global payment market.
According to the latest data, the country registered a new record of over $64.7 billion in funds received across 2024. While these payouts are important for millions of families, traditional services often come with high fees.
Aside from the high fees, there are also lengthy settlement times, with each transaction taking up to three to five business days.
RedotPay’s new feature plans to address that issue through CPN integration, allowing users to seamlessly convert between fiat and digital assets. The service leverages the efficiency of the blockchain to reduce transaction fees to below 1% and enable instant fund payout. It also offers a significant cost and time advantage for local users.
Exploits in Latin America and the promise of seamless conversion
According to RedotPay, the new service is integral for freelancers and entrepreneurs, allowing them to convert between fiat and digital assets within minutes. The launch of this new service comes after RedotPay’s successful completion of a $40 million Series A funding round.
This new feature is also coming after RedotPay launched its “Send Crypto, Receive RBL” feature in Brazil. The platform said users can enjoy everything it announced for users in Mexico. The platform noted that, like most Latin American countries, Brazilians have turned to digital assets, and RedotPay is ready to help them overcome the challenges of converting their assets seamlessly.
RedotPay says it plans to expand its technology to more markets as it continues to advance its mission.
This development also comes as Coinbase RedotPay completed a $47 million strategic investment, which it said will be used to accelerate the deployment of its global crypto payment solutions.
“Having Coinbase Ventures join us, along with the continued support from Galaxy Ventures and Vertex Ventures, validates the progress we’ve made and the confidence investors have in our vision. Their global expertise across both crypto and fintech will help us accelerate growth, strengthen compliance, and expand access to the broader blockchain ecosystem worldwide,” Gao said.
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Source: https://www.cryptopolitan.com/redotpay-crypto-to-fiat-payment-mexico/