Movement, a global on-chain payments network, has partnered with El Vecino, a Mexico-focused remittance provider, and RISE, an on-chain wallet provider, to launch a digital-dollar service for transfers between the US and Mexico.
El Vecino has 19 years of experience in US-to-Mexico remittances, while RISE provides wallet infrastructure and a network across Latin America. Movement provides a regulated payment infrastructure designed for fast settlement.
The new service allows El Vecino customers to start transfers through WhatsApp. Recipients in Mexico can cash out through OXXO and Circle K stores or receive money through the SPEI banking system.
El Vecino currently processes around 25,000 transactions per month, with about 85% involving Mexico. The WhatsApp service will first be tested with its 20,000 users before expanding through RISE’s network to an estimated 800,000 users.
The companies plan to eventually extend the service to other Latin American markets, including Guatemala and El Salvador.
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