Mexican Remittances Are the Continent’s Largest; Crypto Companies Want a Cut

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In 2021, Mexico was the third-largest recipient of remittances worldwide after China and India. Crypto companies such as coinbase and bitso do not want to miss the opportunity. dandiba reports PaymentsWeek, presented by circlepay.

, which is pegged to the U.S. dollar, for faster and cheaper transactions between Mexico and the U.S.from the Universidad Iberoamericana de Puebla, Mexican immigrants in the U.S. are wary of using cryptocurrencies to send money back to their homeland because “they change their worth every day.” That’s where stablecoins become handy because they help recipients hedge against any devaluation of their local currency.

Tribal’s Elkasstawi said the reason why stablecoins have not been massively adopted for remittances is that users still depend on actual cash to spend the money they receive. This is especially true in Mexico, whereacross 37,000 establishments in the country. These include the 20,000 branches of Oxxo, the country’s largest convenience store chain, as well as other supermarkets and department stores.

Coinbase’s cash-out product seems to compete directly with Western Union in terms of accessibility. The company has created an app that allows collecting or sending money transfers from Oxxo stores. Western Union fees range between $8 to $37.Users seem eager to ditch traditional remittance services and adopt crypto to get their money from abroad. “With long lines and plenty of ID requirements, it seemed like a crime to get U.S.

 

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