Bancoagricola, the biggest bank in El Salvador, is now accepting bitcoin to pay for debts originated from the use of its instruments, according to a PR statement. Flexa, a payment network, was partnered by the institution to add cryptocurrency capabilities to its software. Bancoagricola allows merchants to use Wompi services (a digital payments processor) in order to receive bitcoin for the sale of goods and services.

Bancoagricola Embraces Bitcoin

Bancoagricola, the biggest financial institution in El Salvador, has been one of the first to include bitcoin support for its financial instruments. This means that its customers will be able to pay for financial instruments (like loans, mortgages, and credit card debt) with bitcoin, complying with the bitcoin law.

Customers who use Wompi, a digital payment gateway, will be able to receive bitcoin payments through this service. Carlos Mauricio Novoa, COO of Bancoagricola, stated:

We are thrilled to be the first financial institution to allow bitcoin access for customers in El Salvador across all of our financial products. This will help increase financial inclusion.

The bank also stated that it will provide full support for Bitcoin payments via their PoS terminals in the coming year.

Flexa Partnership In El Salvador

To achieve this goal Bancoagricola partnered Flexa, a digital payment platform. The institution was able to integrate bitcoin-related services easily into the platform. Flexa will be integrated in Bancoagricola’s PoS network, allowing customers direct bitcoin payments. To comply with the legal tender status for bitcoin that was approved on June 9, banks and other businesses have begun to include bitcoin into their payment networks.

Trevor Filter was the co-founder and chief executive of Flexa.

It is an incredible opportunity to partner with innovative and world-class organizations like Bancoagricola or Grupo Bancolombia in order to support better payment technology for millions Salvadorans. This partnership will have a profound impact on the lives of millions.

Bancoagricola has more than 1,000 customer attention points all over the country, with more than 5,400 employees serving customers. This inclusion has a significant impact on how citizens pay their debts. In the days ahead, more banks will announce deals to accommodate customers in accordance with the law.

Even with all this movement surrounding bitcoin, most Salvadorans (seven of ten) are against the use of it as a legal tender according to a poll organized by the University Institute of Public Opinion.

What do you think about Bancoagricola integrating Bitcoin services in El Salvador? Please leave your comments below.

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