Payment solutions firm RedotPay has expanded its integration with the Circle Payments Network (CPN) to introduce a new cross-border feature targeting the Mexican market.
The service, “Send Crypto, Receive MXN,” aims to facilitate near-instant, low-cost payments to Mexico, one of the largest global remittance markets, according to a press release shared by Finbold on October 11.
The new feature reportedly allows users to convert cryptocurrency into Mexican pesos almost instantly, offering a cheaper alternative to traditional money transfer methods.
The stablecoin-based payment firm noted that the system reduces transaction fees to below 1%, compared with an industry average of around 6.5%.
Mexico’s emerging payment hub
It is worth noting that the new service comes at a time when Mexico has become a major global payments hub, receiving a record $64.7 billion in remittances in 2024.
However, this growth has come at a cost, with high transfer fees and long settlement times remaining persistent challenges.
To address this, RedotPay’s integration with CPN seeks to streamline the process using blockchain infrastructure to make cross-border transactions more efficient.
Notably, the Mexico rollout follows RedotPay’s earlier “Send Crypto, Receive BRL” service in Brazil and coincides with the company’s recent fundraising efforts, including a $40 million Series A round and $47 million in strategic investment.
Looking ahead, the firm plans to extend its crypto-to-fiat payment solutions to additional emerging markets as part of its global expansion strategy.
Featured image via Shutterstock
Source: https://finbold.com/redotpay-rolls-out-instant-crypto-to-fiat-payment-feature-for-mexico/
