Banxa Launches Direct Payments Integration with SPEI to Extend Coverage in Mexico
Latin America represents one of the world’s largest cryptocurrency markets – and according to Chainalysis, Mexico ranks among the top thirty countries in grassroots crypto adoption. Remittances in particular have proven to be a popular use case for crypto there – as the second-largest recipient of remittances in the world, Mexico provides a sizable opportunity for simplifying cross-border transactions with digital assets.
That’s why Banxa is excited to announce our integration with SPEI, the Interbank Electronic Payment System developed by Banco de Mexico as a real-time payment bank transfer that can be sent instantly, with round-the-clock availability.
SPEI is one of the most popular payment methods in Mexico, especially given that nearly 90% of Mexico residents own mobile devices to use the application – in 2020 alone, the network processed 1.8 billion transactions worth a total of 94 trillions pesos. Banxa’s integration with SPEI will greatly enhance users’ access to crypto, thanks to its simple user design and easy-to-use interface. SPEI will also significantly improve Banxa’s conversion rates in Mexico, given alternative payment methods (APM’s) typically have much higher authorisation rates than cards.
Users can purchase crypto using SPEI now via the Banxa Checkout or through one of its partners. If you’re interested in integrating SPEI or any of Banxa’s vast array of payment options to your project, get in touch with Banxa’s Growth team here.