Binance , a blockchain and cryptocurrency infrastructure provider, has launched Send Cash in Latin America, to allow users to transfer crypto through Binance Pay from nine countries in the region. Binance launched Send Cash aiming to enable users in LATAM to transfer crypto to local bank accounts.

With this new solution, users will be able to use the crypto payment technology offered by Binance Pay and the services of licenced providers to make their digital transfers. Send Cash will be available in Colombia, Honduras, Guatemala, Argentina, Costa Rica, Paraguay, the Dominican Republic, Panama, and Mexico. In the first stage, users will be able to transfer their crypto through Binance Pay to send funds to recipients with bank accounts in Colombia and Argentina, at the lowest cost in the market. Financial Inclusion in LATAM Financial inclusion is a key driver in tackling poverty and increasing economic growth.

Based on the World Bank's Global Findex 2021, 42% of adults in Latin America and the Caribbean still lack access to a bank account. Globally, this segment represents 24% of the total adult population. Therefore, crypto solutions intend to fill this gap as well as reduce financial transaction time and costs for people who already participate in the traditional system.

According to the press release, Binance seeks to provide this service to promote financial inclusion in the region and to expand payment and remittance options that accept Binance Pay as a new payment method as well as optimise cross-border payments. Binance’s recent developments The development of the Send Cash launch follows shortly after Binance decided to suspend its crypto debit card services in Latin America and the Middle East in August 2023. The crypto debit card functioned similarly to traditional debit cards, enabling users to make everyday purchases.

The key distinction was that these cards were funded with cryptocurrency assets. The matter initially came to public attention when a user on X (formerly known as Twitter) raised concerns about issues with crypto debit cards in Colombia. In response to the query, Binance made an announcement indicating the suspension of debit card services.

However, no specific reasons for this decision were provided. Also in August 2023, the company launched the Binance Pay crypto payment option in Brazil aiming to help local merchants attract new customers. This payment solution would offer local businesses an alternative method for accepting payments and potentially attracting new customers, expediting transaction processing, and lowering operational costs.

Brazilian merchants would also have the option to receive payments in either Brazilian Real or cryptocurrency directly into their wallets. .