Inswitch has entered a strategic partnership with Binance Pay to leverage fintech solutions for both parties and offer Binance Pay to LATAM-based merchants.
"We are very excited and committed to democratize 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," Ronald Alvarenga, CEO of Inswitch said.
Through this partnership, Inswitch and Binance Pay will make ample crypto-related solutions accessible to help a large pool of Latin American merchants, multiply revenue and enable a new service payment method.
The features included in the agreement include the ability to receive instant payments in more than 50 cryptocurrency types, implement new product and business models, accept recurring payments and facilitate Binance Pay sign-up process.
Inswitch, a financial technology and payment infrastructure solutions company, and Binance Pay, specializing in contactless, borderless and secure cryptocurrency payment technology, hope to support business-to-consumer, business-to-business and consumer-to-business players.
Under the terms of the agreement, merchants will also have the option to configure their settings through the Inswitch Business Portal and use flexible APIs and low-code fintech products to receive various payment methods. The sectors Inswitch and Binance Pay serve include eCommerce, retailers, travel, CPGs, banks and gig economy among others.
"We are thrilled to bring crypto payments to more than 650 million LATAM users by partnering with Inswitch, this keeps reinforcing Binance Pay's objective of providing contactless, borderless and secure cryptocurrency payment experiences to companies and consumers," said Jonathan Lim, global head of Binance Pay.