The Movement payment network, operating on blockchain, has partnered with money transfer service El Vecino and blockchain wallet developer RISE. The companies have launched a service for transfers between the USA and Mexico using digital dollars.
El Vecino has been handling transfers from the USA to Mexico for 19 years, while RISE provides infrastructure for digital wallets and payments in Latin American countries. Movement is responsible for the regulated payment infrastructure that enables fast settlements.
The new service allows El Vecino customers to send money via WhatsApp. Recipients in Mexico can receive cash at OXXO and Circle K or transfer it to a bank account via the SPEI system.
Currently, El Vecino processes about 25 thousand transfers per month, with approximately 85% of them going to Mexico. In the first phase, the WhatsApp service will be tested among 20 thousand El Vecino users. It is then planned to expand it to the RISE network, which could potentially reach about 800 thousand users.
In the future, the companies intend to launch the service in other Latin American countries, including Guatemala and El Salvador.
Image: Magnific
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