RedotPay, a fintech company focused on advancing financial inclusion through stablecoin payments, has expanded its integration with the Circle Payments Network (CPN).
The company introduced a new feature, “Send Crypto, Receive MXN,” aimed at offering a faster and more affordable payment option for Mexico, one of the world’s largest remittance corridors.
The feature allows users to convert between cryptocurrencies and fiat currencies more efficiently.
“Cryptocurrencies enable financial inclusion in a way no other asset class ever has. But the real value is in being able to spend, send, and receive crypto as easily as local currency,”
said Michael Gao, CEO and Co-Founder of RedotPay.
“We are building a stablecoin-based payment infrastructure that is not only fast and efficient but also provides a seamless pathway for millions of families and businesses globally to participate in the global economy. This launch in Mexico demonstrates our vision to accelerate global financial inclusion.”
Mexico remains a key player in the global payments landscape, receiving over US$64.7 billion in funds in 2024.
However, traditional financial services in the country often impose high fees, averaging 6.49%, and require settlement times of one to five business days.
RedotPay’s new feature aims to address these challenges by allowing users to convert cryptocurrency to fiat through its CPN integration.
The system uses blockchain technology to reduce transaction fees to below 1% and enable near-instant transfers, presenting a cost and time advantage for users.
The feature also supports individuals such as freelancers, digital nomads, and entrepreneurs by facilitating quick and affordable conversions between digital and fiat currencies.
For instance, a user can transfer US$200 in USDC from their RedotPay wallet and receive the equivalent in local currency within minutes, without substantial service charges.
The launch follows RedotPay’s completion of a US$40 million Series A funding round and a subsequent US$47 million strategic investment, which will be used to further develop its global crypto payment infrastructure.
After introducing its “Send Crypto, Receive BRL” feature in Brazil, the company plans to extend similar technology to other emerging markets as part of its broader mission to enhance financial accessibility.
Featured image credit: Edited by Fintech News Hong Kong, based on image by Luis Ramirez via Unsplash
