This post was originally published on The FinTech Times
Stablecoins are proving to be popular among the unbanked in Mexico. Building on the demand for these services, Chipi Pay, the Mexican-based prefunded stablecoin wallet, has expanded its services in the country, following a partnership with Starknet Foundation, a high-performance Layer 2 scaling solution that brings security, decentralisation, and ultra-low transaction fees to Ethereum.
The new collaboration will see Chipi Pay bridge the gap between traditional finance and the Web3 ecosystem for consumers and merchants and power payments for over 50 million Mexican citizens. Its current offering involves providing an accessible alternative to traditional banking for small firms in Mexico and Latin America, which face payment processing fees between three and five per cent per transaction.
In contrast, Chipi Pay facilitates transactions with negligible fees and faster settlements. Consequently, merchants using Chipi Pay can process transactions without delays. The platform allows payments via QR codes, NFC, and direct transfers.
The underlying crypto technology is abstracted away — most users don’t even realise they are using crypto. This is in large part due to the app’s lack of crypto jargon. This, in addition to the fact that merchants receive funds in fiat currency, makes onboarding simple for first-time users. Users can also enjoy an
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