Coin

<ul class="news-points"> 
 <li>122 million people in Latin America were considered unbanked in 2021.</li> 
 <li>Island Pay launched a digital wallet “CiNKO” and USDC is the main currency.</li> 
 <li>CiNKO wallet is part of a plan to roll out stable coins and DeFi in Latin America.</li> 
</ul> 
Island Pay <a href="https://www.bloomberg.com/news/articles/2023-07-25/bahamas-payment-platform-island-pay-is-latest-to-offer-crypto-remittance?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_content=crypto" target="_blank" rel="noopener noreferrer nofollow">launched a digital wallet named CiNKO</a> that will use USDC as the main currency across 30 countries in Latin America and the Caribbean. The wallet permits users to transfer money, make peer-to-peer payments, and transact with merchants. 
In 2021, the percentage of remittances in Latin America and the Caribbean increased to up to 26.5% and <a href="https://blogs.worldbank.org/peoplemove/remittances-latin-america-still-growing" target="_blank" rel="noopener noreferrer nofollow">11.3% in 2022 reaching $145 billion. </a>&nbsp;Manuel Orozco, director of the Migration, Remittances, and Development Program said, “Sending money has a cost like anything else, and the percent cost relative to the amount ‘bought’ is often criticized without proper benchmarking.” In Latin America and the Caribbean, a cash remittance costs up to <a href="https://www.thedialogue.org/analysis/are-remittance-costs-coming-down-in-latin-america/#:~:text=In%20Latin%20America%20and%20the%20Caribbean%20more%20specifically%2C%20a%20cash,5.09%20percent%E2%80%9418%20percent%20less" target="_blank" rel="noopener noreferrer nofollow">6.2% while a digital remittance costs 5.09%</a>. 
Circle’s chief business officer Kash Razzaghi mentioned that technology could reduce the cost of remittances by 80%. It costs nothing to receive USDC when using CiNKO’s wallets, yet there is a gas … 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/payment-platform-island-pay-launches-usdc-wallet-in-latin-america/">Payment Platform Island Pay Launches USDC Wallet in Latin America</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

Payment Platform Island Pay Launches USDC Wallet in Latin America

Coin Edition

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