Payment solutions company RedotPay has expanded its integration with Circle Payments Network (CPN) and introduced new cross-border capabilities targeting the Mexican market.
According to a press release shared with Finbold on October 11, the service, Send Crypto, Receive MXN, aims to facilitate near-instant and low-cost payments to Mexico, one of the world’s largest remittance markets.
The new feature will reportedly allow users to convert cryptocurrencies into Mexican pesos almost instantly, offering a cheaper alternative to traditional money transfer methods.
“Cryptocurrencies enable financial inclusion in a way that other asset classes do not. But the real value lies in the ability to spend, send and receive cryptocurrencies as easily as local currencies.<…>This launch in Mexico demonstrates our vision to accelerate global financial inclusion. ” said Michael Gao, CEO of RedotPay.
The stablecoin-based payments company noted that the system has reduced transaction fees to less than 1%, compared to the industry average of about 6.5%.
Mexico’s emerging payment hub
It is noteworthy that this new service comes at a time when Mexico is emerging as a major global payments hub, receiving a record $64.7 billion in remittances in 2024.
However, this growth has come at a price, with high transfer fees and long settlement times remaining challenges.
To address this, RedotPay’s integration with CPN aims to leverage blockchain infrastructure to streamline processes and increase the efficiency of cross-border transactions.
Notably, the Mexico rollout follows RedotPay’s previous “Send Crypto, Receive BRL” service in Brazil, and coincides with the company’s recent funding efforts, including a $40 million Series A round and $47 million in strategic investments.
The company plans to further expand its crypto-to-fiat payment solutions into emerging markets as part of its global expansion strategy.
Featured image via Shutterstock
