Becoming the first Latin American money service provider to begin to transact payment transactions on the Ripple Protocol, AstroPay has announced their launch of Ripple LatAm. A cross-border payment providing in Latin America, AstroPay provides merchants solutions tools to accept payments from consumers in under-banked regions. According to the company “RippleLatAm connects Latin American businesses with their counterparts in Asia, Europe and North America for fast and affordable remittances, merchant payments, and more.” As such, using Ripple LatAm, merchants and account holders will be able to use the Ripple protocol to transact payments of multiple currencies to and from Latin America.
Similar to other regions with less established financial networks, Latin America provides a difficult environment for online firms to collect payments from. Even when conventional methods such as credit cards are available, they are subject to merchants paying higher fees than in the developed regions. Presenting his firm’s solutions for online financial brokers to accept Latin America payments with lower fees, AstroPay CEO Sergio Fogel was a presenter at the Elevator Pitch Session during last November’s Forex Magnates London Summit.
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Andres Bzurovski, founder of Ripple LatAm commented on the news that “Ripple LatAm effectively opens the region for business, allowing for real-time B2B cross-border payments between markets in each partner’s currency of choice. He added that “Now, a European-based business can send euros to be received as Brazilian Real by a business in Brazil within seconds and at a fraction of the cost.”