Inswitch, Binance Pay link to boost LatAm crypto payment uptake

July 9, 2022

Embedded financial technology firm Inswitch has partnered with crypto payment technology company Binance Pay to expand the latterâ€™s offering in Latin America.

The two companies signed a strategic partnership which will enable both sides to improve their FinTech solutions and offer Binance Pay to all merchants across Latin America.

According to Inswitch, the partnership between the two businesses will provide millions of Latin American merchants with new options in crypto, allowing them to increase revenue by accepting crypto and enabling all firms with a new way to service payments.

Due to the partnership, merchants will now be able to receive payments in over 50 cryptocurrencies, support new products or business models and quickly set up Binance Pay and manage recurring customers with Inswitchâ€™s APIs and solutions.

With Inswitch, merchants can configure everything through Inswitch Business Portal or create new digital journeys through flexible APIs and a suite of low-code fintech products. Merchants are also able to flexibly accept different payment methods to best fit their needs.

Inswitch said, This agreement will support different types of businesses: Business-to-Consumer, Business-to-Business, Consumer-to-Business. Binance Pay and Inswitch are positioned to deliver a robust turnkey solution across a variety of sectors, including eCommerce, Retailers, Travel, CPGs, Banks, and Gig economy among others.â€

Binance Pay global head Jonathan Lim said, â€œWe 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.â€

Earlier this year, the Dutch central bank reportedly fined crypto exchange Binance â‚¬3m for offering services without proper registration.

The fine was increased due to the seriousness of the breach of Dutch standards, according to a report fromÂ Financial Times. It claimed that Binance benefitted from a â€˜competitive advantageâ€™ from not paying levies to the central bank and avoiding compliance costs.