El Salvador’s finance giant Bancoagrícola has joined forces with pure-digital payments network Flexa to introduce bitcoin acceptance solutions.
The partnership will allow Bancoagrícola to accept bitcoin from its customers for loans, credit cards.
With over 1,000 service centres in El Salvador, the bank is one of the biggest finance firms in the country.
According to the official announcement, the solution introduced is the first of its kind in the region and the world at large.
This new initiative will also support bitcoin payments to merchants for goods and services. However, the most attractive incentive about the collaboration is that it is secured and customers wouldn’t have to pay transaction fees.
If the union between Bancoagrícola and Flexa works, it would go a long way to boost El Salvador’s bitcoin adoption policy.
And that would mean bad news for other financial services providers like Western Union and MoneyGram who could lose as much as $400 million.