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 with 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.
“Cryptocurrencies enable financial inclusion in a way no other asset class ever has. But the real value is in being able to spend, send, and receive crypto as easily as local currency. <…> This launch in Mexico demonstrates our vision to accelerate global financial inclusion.” said RedotPay CEO Michael Gao.
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 emerged as 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 aims to streamline the process by utilizing blockchain infrastructure to enhance the efficiency of cross-border transactions.
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
