The Movement payment network, operating on a blockchain, has partnered with the El Vecino money transfer service and the RISE blockchain wallet developer. The companies have launched a service for transfers between the US and Mexico using digital dollars.
El Vecino has been handling transfers from the US to Mexico for 19 years, and 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 outlets or transfer it to a bank account via the SPEI system.
Currently, El Vecino processes about 25,000 transfers per month, with approximately 85% of them destined for Mexico. In the first phase, the WhatsApp service will be tested among 20,000 El Vecino users. It is then planned to be extended to the RISE network, which could potentially reach about 800,000 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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