Bancoagrícola, the largest financial institution in El Salvador, has teamed up with renowned digital payments firm Flexa to enable Bitcoin (BTC/USD) payments for consumers and merchants. Flexa disclosed this news through a press release on September 9, noting that this partnership will see Bancoagrícola accept BTC across its network for payments. Reportedly, this integration complies with El Salvador’s new Bitcoin Law, which came into effect on September 7.
According to the news release, the collaboration between Bancoagrícola and Flexa introduces unprecedented BTC acceptance solutions, not only in Latin America but also globally. For instance, the bank’s customers can now use Flexa or any Lightning-enabled wallet to service US dollar-based loans. Also, they can use credit cards to pay for US dollar-priced products and services in BTC without additional charges.
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Merchants that accept payments through the Wompi payment channel can also integrate Flexa-powered BTC payments to enjoy zero system fraud. Their end customers will also enjoy zero fees while checking out. Bancoagrícola has also promised to introduce fraud-resistant BTC payments for all its clients’ point-of-sale (PoS) terminals before the end of 2021.
Taking financial inclusion to the next level
Commenting on this bullish development, Carlos Mauricio Novoa, Bancoagrícola’s COO, said,
We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.
He added that the bank’s goal is promoting sustainable economic development. As such, the Bancoagrícola team works tirelessly to ensure it meets customer needs in a responsible, caring, and respectful manner. Novoa commended Flexa, saying it has been a key partner in helping the bank offer its customers the best experiences as they use BTC as legal tender.
The bank urged account holders to download the latest version of its app, Banca Movil, or visit bancoagrícola.com to use BTC for payments. Merchants interested in accepting BTC payments will have to contact their account managers for more details before they get started. Alternatively, they can choose from Flexa’s integration offerings.
Despite this positive news, BTC has continued bleeding. At the time of writing, the coin is trading at $45,951.08 after losing 2.15% over the last 24 hours. This, perhaps, has to do with the fact that the majority of the county’s citizens disagree with the government’s decision to use BTC as legal tender.
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