Biggest Bank in El Salvador Now Accepts Bitcoin as Payment for Financial Products

Biggest Bank in El Salvador Now Accepts Bitcoin as Payment for Financial Products

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01/11/2021 by Koinal
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The biggest bank in El Salvador, Bancoagricola, released a PR statement in recent days.
Biggest Bank in El Salvador Now Accepts Bitcoin as Payment for Financial Products

According to this statement, the bank started to allow customers to pay their debts in bitcoin if these debts were due using the bank’s instruments.

The El Salvador-based bank cooperated with a payments network named Flexa, and thus its software gained crypto-related capabilities. Bancoagricola also partners with a digital payment processor called Wompi and, through Wompi services, merchants can receive bitcoin for services and goods sold.

As the most prominent financial establishment in the country, Bancoagricola has also been one of the primary institutions that include bitcoin-related capacities in its monetary tools. Thanks to this development, its clients will be able to use bitcoin, in compliance with the bitcoin law, in their transactions such as mortgages, credit card debt, and loans.

Using Wompi, the digital payments gateway, clients of the bank will also get paid in bitcoin. Carlos Mauricio Novoa, Vice President of Operations at Bancoagricola, affirmed:

“We are excited to be the primary financial institution in El Salvador to permit bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion.”

Bancoagricola also announced that it intends to fully encourage clients to pay in bitcoin through its PoS terminals by the end of this year.

To reach this aim, Bancoagricola cooperated with the digital payments network named Flexa. This way, the bank could effortlessly integrate bitcoin-related capacities into the network. By integrating Flexa into the web of PoS, the bank will allow its clients to be paid in bitcoin quickly. When the country approved the legal tender status for bitcoin in June this year, many banks and other financial institutions started to integrate bitcoin payments into their platforms in compliance with the relevant law.

The co-founder of Flexa, Trevor Filter, declared:

“The opportunity to partner with organizations as cutting edge and world-class as Bancoagricola and Grupo Bancolombia to support better payment technology for millions of Salvadorans in such a tangible and impactful way is simply incredible.”

Banco Agricola is the most significant financial establishment in El Salvador, with over 1,000 customer attention points around the country and more than 5,400 workers serving clients. The cryptocurrency-related transformation within such a significant institution is therefore of massive importance, and it will have a substantial impact on how citizens pay their debts. In addition, it is estimated that more banks will announce crypto-inclusive updates to their platforms to accommodate clients by the promulgated law.

On the other hand, while all this transformation is happening towards the cryptocurrency universe, it is quite noteworthy that 70% of the citizens are against the use of bitcoins as a legal tender, according to a survey conducted by the University Institute of Public Opinion.

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