Ramp Network has announced the addition of real-time payment capabilities for the Mexican Peso (MXN) through the SPEI (Sistema de Pagos Electrónicos Interbancarios) system. This innovation allows individuals to convert cryptocurrencies into fiat money and access their funds in their bank accounts within a mere 30 seconds.
Integration of SPEI by Ramp Network
SPEI is an advanced real-time payment system that operates across all major banks in Mexico, facilitating quick and secure money transfers in real-time.
With its incorporation of SPEI, Ramp Network enhances its services, allowing users to swiftly sell their cryptocurrencies and convert them into fiat currency, leading to a much improved user experience.
Mexico is rapidly establishing itself as a significant market for Ramp Network, ranking 16th globally in cryptocurrency adoption according to the Chainalysis Cryptocurrency Adoption Index. The country is also among the top 20 for cryptocurrency trading volume.
Currently, around 14% of Mexico’s populace holds cryptocurrencies, while 40% of businesses in the region are considering the adoption of blockchain technology, highlighting a dynamic environment for fintech advancements.
Szymon Sypniewicz, the CEO of Ramp Network, expressed enthusiasm over the SPEI integration, stating, “Mexicans can now convert their cryptocurrencies to fiat in seconds with lower fees and reduced friction.”
The service charges a flat fee of just 2.9%, which is considerably lower than conventional transaction methods, minimizing complications and providing a dependable payment option available year-round.
Users can initiate trading by selecting their preferred cryptocurrency amount, setting Mexico as the location, and opting for SPEI as the payment method. After providing their banking details, they can expect to receive Mexican Pesos in their accounts within 30 seconds.
As part of its commitment to enhancing localized offerings in Latin America, Ramp Network intends to further its services by introducing SPEI OnRamp transactions soon, thereby creating more opportunities for local Web3 developers and international partners.
