• Island Pay, a fintech company in the Bahamas, has launched a crypto remittance solution called CiNKO to address the high costs associated with traditional cross border payments.
• The wallet will use Circle’s USDC stablecoin as its primary currency and offer features such as funding prepaid cards, facilitating peer-to-peer payments, and conducting transactions with merchants.
• The adoption of stablecoins and decentralized finance protocols in Latin America reflects an effort to reshape the remittance landscape by reducing the cost of remittances by 80%.
Cryptocurrency Remittance Solution Introduced in Latin America
Island Pay’s CiNKO Wallet
Island Pay, a fintech company based in the Bahamas, has launched a crypto remittance solution to address the extreme high costs associated with traditional cross border payment systems. This digital wallet is called „CiNKO“ and it will cater to individuals in over 30 countries. It will provide features such as funding prepaid cards, conducting transactions with merchants, and facilitating peer-to-peer payments even for those without a bank account. To offer a practical alternative payment solution, CiNKO will rely on Circle’s USDC stablecoin as its primary currency.
Benefits of USDC Stablecoin
The choice of using USDCstablecoin addresses volatility concerns typically associated with traditional cryptocurrencies. This immediate usability of CiNKO’s USDC balance transferable onto a prepaid card makes up for a user-friendly and accessible solution for individuals in Caribbean and Latin America. Additionally, this move also reflects an effort to reshape the remittance landscape by reducing the cost of remittances by 80%.
Projected Growth Rate
The region experienced substantial increase in remittances reaching $145 billion total last year with growth rate projected to continue at an all-time high despite slight slowdown in 2023. To reach these goals Island Pay is aiming to onboard 10 000 users by next year emphasizing enhanced financial experiences for both unbanked and banked populations across Latin America and Caribbean .
By utilizing blockchain technology through Circle‘s USDC stablecoin , Island pay’s CiNKO wallet aims to revolutionize cross border payments targeting Latin American and Caribbean regions . Through reduced transaction costs , improved accessibilities , user friendly features it offers potential benefits not only for local users but also global customers looking into improved payment services .