Digital Wallet Belo Launches Web Platform for B2B Cross-Border Payments

Digital wallet Belo has launched a web platform to help businesses make cross-border transactions.

This initiative allows companies from 108 countries to open a free account on Belo, enabling them to make transactions in pesos and cryptocurrencies and send dollars to foreign accounts, Contxto reported Thursday (Aug. 24).

The introduction of this platform aims to address the challenges faced by micro, small, and medium enterprises (MSMEs) in Latin America when conducting international transactions, according to the report.

Belo CEO and Co-founder Manuel Beaudroit said in the report that the company offers tools that simplify and expedite the process of sending money abroad. In Latin America, where 70% of businesses lack a digital payment option, Belo’s new ACH transfer functionality complements existing options that allow businesses to store value and charge for goods and services.

Belo has also recently integrated the popular Pix payment option in Brazil and enabled the conversion of corporate funds into stablecoins such as USDC, USDT, or DAI.

The operations on Belo’s new web platform for businesses mirror those available on its mobile application, the report said. Furthermore, the company plans to introduce a bill payment service soon. Belo will also offer users the ability to pay up to 20% of salaries in cryptocurrencies, which Beaudroit said is highly valued by employees as it provides convenience and serves as a hedge against inflation.

With the ability to transact in multiple currencies and cryptocurrencies, as well as the option to pay salaries in cryptocurrencies, Belo aims to simplify and expedite international transactions for MSMEs, per the report.

PYMNTS research has found that digital transactions are slowly becoming the new norm in Latin America. Citizens who began using innovative payment technology in the wake of the pandemic have become more accustomed to these safer, quicker and more convenient payment options, according to the “Digital Payments in Latin America Playbook,” a PYMNTS and Kushki collaboration.

In another recent development in the region, Citi said Thursday (Aug. 24) that it is investing in Peruvian foreign exchange (FX) FinTech Rextie. In addition to the investment, Citi will also integrate its FX technology into Rextie’s currency exchange services.