Strike, the global money app for Bitcoin and fast, secure payments, yesterday announced the expansion of “Send Globally” to Mexico. With this expansion, it will bring its payment service to the largest remittance market in the US.
In 2022, Mexico received $60 billion in remittances from the US alone, about 95% of total remittances from abroad. Today, sending a payment from the US to Mexico costs 4.57% on average of the transaction value. Strike uses Bitcoin’s Lightning Network to offer a faster, cheaper, and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users can enjoy instant payments to a Mexican bank account around the clock, every day of the year, with no additional transaction fees.
“Cross-border payments from the US to Mexico have reached unprecedented levels and serve as a lifeline for millions of people,” said Jack Mallers, founder and CEO of Strike. “However, existing payment services are expensive and inefficient, making them inaccessible to many. At Strike, we believe that everyone should have equal access to better pay and financial stability. We are excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, allowing more people to send money home.”
With Send Globally, dollars are converted to bitcoins, which are sent over the Lightning Network to an external partner. That partner converts the bitcoin to the local currency, which is sent directly to the recipient’s local account, such as their bank account. This way, the sender does not have to worry about Bitcoin’s tax treatment or volatility. In Mexico, Strike has partnered with Relampago to enable transfers from US dollars that are received as local currency directly into the recipient’s bank account.
“Relampago is proud to partner with Strike to revolutionize money transfers from the US to Mexico, the world’s largest cross-border payment corridor,” said Immanuel Joy, CEO of Relampago. “By using the Lightning Network, we make it possible to make instant and low-cost cross-border payments. By doing so, we are transforming the financial landscape for millions of people in Latin America.”
Since the feature’s launch in December 2022, Strike has rapidly expanded Send Globally to more than a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico, which are among the top 10 largest cross-border markets.
More payments related news:
UniCredit expands global payments partnership with Mastercard
StoneX Global Payments & TIS partner to offer enhanced FX payment services
Snack POS launches new omnichannel payments technology
Amazon Payment Services recently launched the re:Imagine Payments Forum
