Using bitcoin to improve the payment experience in Latin America has been one of the most exciting opportunities for us at BitPay. Now that work is starting to pay off. In the past 12 months, we've seen bitcoin transaction volume in Latin America grow by more than 510%. This week we've taken several steps to continue that growth in Mexico.
Partnering With Bitso For Bank Settlement in Mexico
Our new partnership with leading Mexican bitcoin exchange Bitso will allow our Business and Enterprise merchants in Mexico to receive bank settlement for bitcoin payments directly through Banco de Mexico's SPEI interbank payment network, without any additional settlement costs.
Bitso is one of the newest and most exciting companies in Mexico's bitcoin industry. Read more about why the Bitso team decided to join forces with us.
Lower Settlement Minimums For Mexican Merchants
Until now, our merchants have had to accept at least 10,000 pesos in bitcoin payments before we could issue peso settlement payouts. With our new Bitso partnership, we will be able to lower that settlement minimum to 1,500 pesos and give our Business and Enterprise users more timely settlements for their bitcoin sales.
Since local bank settlement is still one of our main costs of doing business, initiatives to offer more settlement options at lower costs are a main focus for us as we continue to improve our service.
Greater Consumer Access Through Merchant Adoption
We recently welcomed leading Mexican retailer Famsa to the BitPay platform. Famsa is the first major Latin American retailer to accept bitcoin, joining merchants like TAR Aerolineas and bitcoin-loadable debit card provider Advanced Cash in bringing digital currency into the everyday purchases of Mexican consumers.
As bitcoin reaches this broader market of consumers in Mexico, we'll continue to work to make it easier for more merchants to take advantage of this technology, no matter where they are.