Binance, Inswitch Roll Out Binance Pay to LatAm Merchants

Embedded payments finance Inswitch has teamed up with cryptocurrency platform Binance to offer Binance Pay to all merchants in Latin America.

“The partnership between Binance Pay and Inswitch will provide millions of LatAm merchants with intriguing options in crypto space, allowing them to increase revenue by accepting crypto, and enable all companies with a new way to service payments,” the two companies said in a news release Tuesday (Sept. 6).

The new features will let merchants receive payments in more than 50 cryptocurrencies with “lightning-fast” payments while also supporting new products or business models and accepting recurring payments globally.

“We are very excited and committed to democratizing 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.

In addition, Inswitch will let merchants configure everything through its business portal or create new digital journeys using flexible application programming interfaces (APIs) and a suite of low-code fintech products.

Jonathan Lim, global head of Binance Pay, says the partnership will bring crypto payments to more than 650 million users in Latin America.

Read more: Report: Binance in Talks to Create a Nigerian Digital Economic Zone

The news comes amid a busy few days for Binance, the world’s largest crypto exchange. As PYMNTS reported Sunday, the company is reportedly in talks with officials in Nigeria to help fast-track blockchain tech for the West African country by setting up a digital economic zone.

See also: Binance to Auto-Convert USDC, USDP, TUSD to Its Own Stablecoin

And on Monday, Binance unveiled its BUSD auto-conversion program which converts one-to-one USDC, USDP, and TUSD stablecoins to Binance’s own BUSD.

Meanwhile, the company said it was removing USDC, the second largest stablecoin, from its spot trading pairs list. Users will still be able to withdraw funds at a 1:1 ratio in those three stablecoins. Existing balances of the stablecoins will be automatically converted to BUSD as of Sept. 29, with users seeing the converted balance in their accounts within the next day.