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

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.

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