{"id":492171,"date":"2022-09-11T16:08:00","date_gmt":"2022-09-11T13:08:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\/"},"modified":"2022-09-11T16:08:00","modified_gmt":"2022-09-11T13:08:00","slug":"latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\/","title":{"rendered":"# Latin America is ready for crypto \u2014 just integrate it with their payment systems"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ae90b7f40f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ae90b7f40f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\/#%E2%80%9D_Latin_America_is_ready_for_crypto_%E2%80%94_just_integrate_it_with_their_payment_systems_%E2%80%9C\" >&#8221; Latin America is ready for crypto \u2014 just integrate it with their payment systems &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\/#Understanding_local_payment_preferences\" >Understanding local payment preferences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\/#Establishing_trust_and_loyalty\" >Establishing trust and loyalty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\/#Enhancing_user_experience\" >Enhancing user experience<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Latin_America_is_ready_for_crypto_%E2%80%94_just_integrate_it_with_their_payment_systems_%E2%80%9C\"><\/span>&#8221; Latin America is ready for crypto \u2014 just integrate it with their payment systems &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvNDk3NjdlMWQtMWJkNi00NjYyLWE2OTItNjczZDRjYjMzM2IwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71846793>Thriving on exploiting users\u2019 data, Web2 monopolies like <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> and Google have ushered in an era of massive internet centralization in recent years. This concentration of power has enabled huge shares of communication and commerce closed platforms, giving users little control over how their data is collected.<\/p>\n<p>An emerging concept, Web3, will provide a means to pivot from centralization to an open-source internet. A recent report from Andreessen Horowitz (a16z) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/web.archive.org\/web\/20220826020932\/https:\/\/a16zcrypto.com\/state-of-crypto-report-a16z-2022\/\">found<\/a> that this new digital economy could reach an astounding 1 billion users by 2031. If executed correctly, the decentralized internet will allow users to take control of their data and content.<\/p>\n<p>While Web3 promises to radically change the internet and its ability to provide value to users worldwide, key hurdles must be overcome before it can be adopted en masse. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Brazilian proposal would make crypto payments legal and protect private keys<\/em><\/strong><\/p>\n<p>One major obstacle to mass adoption is the lack of local payments integration that many Web3 projects have. For example, a global Web3 project based in Germany likely doesn\u2019t understand or offer the preferred payment options of people living in Brazil. While it seems tedious, accepting local payment options familiar to customers in their respective regions is a strategic decision that can make an enormous impact in winning market share.<\/p>\n<p>Let\u2019s look at how Web3 projects can scale in Latin America and globally by expanding local payment options.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Understanding_local_payment_preferences\"><\/span>Understanding local payment preferences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Local payment methods are regionally preferred payment types. These methods include digital wallets, cash vouchers, local debit networks, bank transfers, open invoicing and other tactics used globally to transact in-store and online. Without local payment fluency, Web3 businesses aren\u2019t able to access different markets across the globe.<\/p>\n<p>However, serving an international clientele by accepting local payments is no easy feat as each region subscribes to significantly different preferred payment options and regulatory requirements. Web3 projects often don\u2019t have the proper infrastructure to reach global audiences at scale.<\/p>\n<p>One of the hottest Latin American markets for Web3 projects is Brazil, as its citizens are adopting digital transactions faster than in any other country. Brazil has seen a massive uptake of its national instant payment solution, PIX, implemented by the Brazilian Central Bank in 2020. For Web3 companies to reach this audience, they must forge a way to connect with local banks and stay in line with local regulations.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Top Latin America delivery <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> to accept crypto<\/em><\/strong><\/p>\n<p>COVID-19 accelerated digital transformation in nearly every corner of the world. In Mexico, the adoption of SPEI, a real-time gross settlements payment system created by the Bank of Mexico, is rising. Companies can capitalize on systems like SPEI by finding a way to partner with central banks or employing a third party to link to banks for them.<\/p>\n<p>Additionally, the pandemic and the rise of contactless payments highlighted the importance of flexible payment options. Online payment methods are gaining significant traction in Latin America. For example, Mexican convenience store OXXO recently launched a voucher-based banking app that allows users to pay for their utility bills and online purchases that now boasts more than 1.6 million users. Keeping up-to-date with new developments in the payments landscape is vital to serving customers and keeping pace with the competition.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Establishing_trust_and_loyalty\"><\/span>Establishing trust and loyalty<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In many countries in Latin America, individuals are eager to embrace crypto in the hope of a better financial future. A recent study <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/web.archive.org\/web\/20220720152637\/https:\/\/ripple.com\/reports\/New-Value-Crypto-Trends-in-Business-and-Beyond-2022.pdf\">found<\/a> that Latin Americans are the most bullish on crypto compared to any other region worldwide. There is a huge opportunity for the Web3 movement to establish deep trust with Latin Americans as the centralized system has failed them.<\/p>\n<p>Local payments are a gateway to customer acquisition and loyalty. To effectively enter new markets, it is vital to establish quick integration with all relevant currencies. This results in new end-user conversions and higher success rates, which builds loyalty and trust with local audiences.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Enhancing_user_experience\"><\/span>Enhancing user experience<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It is a widely held belief that much work is needed to streamline the user experience in Web3. Regarding Web3 payments, users are looking for fast, reliable transactions in the payment method of their choice. Web3 projects can improve user experience by meeting customers where they are and speaking their language.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin ATM installed in Mexico&#8217;s Senate Building<\/em><\/strong><\/p>\n<p>Ways to enhance payment user experience include simplifying the onboarding process and providing exceptional customer support. Notifying users every step of the way so that they are confident their payment is being processed will ensure there is no confusion or apprehension.<\/p>\n<p>Web3 is still in its infancy and has some growing pains in its current state. But accomplishing the due diligence required to deepen infrastructure integrations worldwide will open up endless possibilities and, ultimately, transform the ways individuals socialize, transact and consume data.<\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Holger Arians<\/strong> is the CEO of Banxa, a payment and compliance infrastructure provider to the global crypto industry.<\/div>\n<\/div>\n<p><em>This article is for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. <\/em><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/latin-america-is-ready-for-crypto-just-integrate-it-with-their-payment-systems\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Latin America is ready for crypto \u2014 just integrate it with their payment systems &#8220; Thriving on exploiting users\u2019 data, Web2 monopolies like Facebook and Google have ushered in an era of massive internet centralization in recent years. This concentration of power has enabled huge shares of communication and commerce closed platforms, giving users&#8230;<\/p>\n","protected":false},"author":1,"featured_media":492172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvNDk3NjdlMWQtMWJkNi00NjYyLWE2OTItNjczZDRjYjMzM2IwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,76853,82560,74889,79490,74355,22483,73785,70504],"class_list":["post-492171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-latin-america","tag-mobile-payments","tag-payments","tag-south-america","tag-adoption","tag-brazil","tag-markets","tag-mexico"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/492171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=492171"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/492171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/492172"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=492171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=492171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=492171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}