Fintech company AstroPay has expanded its multicurrency wallet to several Latin American countries, including Colombia, Brazil, Argentina, Peru, and Chile.
The move aims to enable digital workers and global travellers across the region to send, receive, and spend money more quickly and at a lower cost, bypassing the traditional banking systems, the company said.
The company’s approach involves direct licencing, forming partnerships with financial institutions, and leveraging international regulatory frameworks to enable global transactions.
This allows individuals and businesses in Latin America to manage their finances with storage and conversion features, receiving and withdrawing international payments.
The company claims that the wallet provides lower transaction costs compared to traditional financial services, as well as “competitive exchange rates”.
Moreover, the expansion is expected to aid businesses in exploring new markets and refining their financial strategies, the company noted.
AstroPay CEO Marc Sacal said: “Latin America welcomes millions of visitors every year – tourists, remote workers, and digital nomads – all of whom need an intuitive, digital-first way to pay like locals. At the same time, the region’s online workforce is expanding rapidly, with more people earning income from abroad than ever before.
“Traditional banking systems weren’t built for this reality. Our multicurrency wallet bridges this gap, giving users a fast, low-cost way to receive and spend money across borders – without the usual friction.”
In January, AstroPay secured a Payment Institution (PI) licence from the Central Bank of Brazil to extend its financial services to Brazilian users and businesses.
Set up in 2009, the UK-based company offers cross border payment solutions and multicurrency wallets etc.
