Ramp Network has announced the integration of Mexico's SPEI payment system into its platform, enabling instant cryptocurrency-to-peso conversions for Mexican users. The London-based fintech company's move expands its services in Latin America's growing cryptocurrency market. SPEI (Sistema de Pagos Electrónicos Interbancarios), Mexico's interbank electronic payment system, processes an average of 80.9 million payments monthly. The integration allows users to convert cryptocurrencies to Mexican pesos and receive funds in their local bank accounts within 30 seconds. The development comes as Mexico establishes itself as a significant player in the global cryptocurrency landscape, ranking 16th in Chainalysis' crypto adoption index. Current data shows that 14% of Mexicans own cryptocurrency, while 40% of Mexican companies are exploring blockchain technology integration. The service features a flat 2.9% fee structure, which Ramp Network notes is lower than traditional MXN card fees. The system operates 24/7, including holidays, providing continuous access to crypto-to-peso conversions. Users need only provide their bank's CLABE number (Mexico's equivalent to IBAN), full name, and tax ID for their initial transaction. "We're incredibly proud to enhance our support for Mexican users with the integration of SPEI," said Szymon Sypniewicz, CEO of Ramp Network. "Now, people in Mexico can convert their crypto into fiat in seconds, with lower fees and reduced friction." SPEI's recent growth underscores the timing of this integration. The system set a record in March 2023 with 279.3 million transactions, averaging 6,257 payments per minute, and projects to double its transaction volume by 2027. The integration follows Ramp Network's earlier expansion into Brazil with PIX integration. The company plans to add SPEI support for purchasing cryptocurrencies in the coming weeks, further expanding its services in the region. This development adds to Ramp Network's existing support for over 35 local currencies globally, including the euro, US dollar, and British pound. The service aims to bridge traditional banking with digital assets in Mexico, where cryptocurrency adoption continues to grow, positioning the country as an emerging hub for financial technology innovation in Latin America. Don’t forget to like and share the story! Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Ramp Network has announced the integration of Mexico's SPEI payment system into its platform, enabling instant cryptocurrency-to-peso conversions for Mexican users. The London-based fintech company's move expands its services in Latin America's growing cryptocurrency market. SPEI (Sistema de Pagos Electrónicos Interbancarios), Mexico's interbank electronic payment system, processes an average of 80.9 million payments monthly. The integration allows users to convert cryptocurrencies to Mexican pesos and receive funds in their local bank accounts within 30 seconds. The development comes as Mexico establishes itself as a significant player in the global cryptocurrency landscape, ranking 16th in Chainalysis' crypto adoption index. Current data shows that 14% of Mexicans own cryptocurrency, while 40% of Mexican companies are exploring blockchain technology integration. The service features a flat 2.9% fee structure, which Ramp Network notes is lower than traditional MXN card fees. The system operates 24/7, including holidays, providing continuous access to crypto-to-peso conversions. Users need only provide their bank's CLABE number (Mexico's equivalent to IBAN), full name, and tax ID for their initial transaction. "We're incredibly proud to enhance our support for Mexican users with the integration of SPEI," said Szymon Sypniewicz, CEO of Ramp Network. "Now, people in Mexico can convert their crypto into fiat in seconds, with lower fees and reduced friction." SPEI's recent growth underscores the timing of this integration. The system set a record in March 2023 with 279.3 million transactions, averaging 6,257 payments per minute, and projects to double its transaction volume by 2027. The integration follows Ramp Network's earlier expansion into Brazil with PIX integration. The company plans to add SPEI support for purchasing cryptocurrencies in the coming weeks, further expanding its services in the region. This development adds to Ramp Network's existing support for over 35 local currencies globally, including the euro, US dollar, and British pound. The service aims to bridge traditional banking with digital assets in Mexico, where cryptocurrency adoption continues to grow, positioning the country as an emerging hub for financial technology innovation in Latin America. Don’t forget to like and share the story! Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program . HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR Vested Interest Disclosure: business blogging program business blogging program

This story contains new, firsthand information uncovered by the writer.

The writer was physically present in relevant location(s) to this story. The location is also a prevalent aspect of this story be it news or otherwise.

Suilend Introduces New Liquid Staking Standard on Sui Network

Flare Revolutionizes Blockchain Node Deployment with Google Cloud Marketplace Integration

Read My Stories

Too Long; Didn't Read

Make resilience your competitive advantage

Ramp Network Integrates Mexico's SPEI for Real-Time Crypto Conversions

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

Bitcoin Scaling Solution exSat Network Launches Mainnet with $281M TVL

HyperCycle Announces Strategic Split into Two Distinct Operations

Reimagining Web3 Safety: GoPlus Foundation Rolls Out $GPS Token

(1/100) Crypto Countdown: Golem

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

Bitcoin Scaling Solution exSat Network Launches Mainnet with $281M TVL

HyperCycle Announces Strategic Split into Two Distinct Operations

Reimagining Web3 Safety: GoPlus Foundation Rolls Out $GPS Token

(1/100) Crypto Countdown: Golem

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps