Bancoagrícola, the largest bank in El Salvador, has tapped into the all-digital payment company Flexa to enable Bitcoin transfers for the bank’s customers, including retail and commercial customers.
On Thursday, September 9, payment company Flexa Bitcoin announced that bank Bancoagrícola has signed a contract with the cryptocurrency payment network to enable Bitcoin payments for the bank’s customers and merchant customers.
With such a new integration, Bancoagrícola now accepts Bitcoin across its network for payments with credit cards, loans and merchandise and services under the new “Bitcoin Law”, which came into effect on September 7th.
Bancoagrícola’s move comes at a time when Bitcoin is becoming legal tender in El Salvador.
Flexa recently added support for Lightning Payment to enable its merchant customers to receive payments in mobile apps, in stores (e.g. Google Play Store app) and online. By adding support for Lightning payments, Flexa enables merchants to receive payments from more Bitcoin holders than ever before, including users of popular Lightning-enabled wallet apps like Chivo, Strike, Éclair, Breez and BlueWallet.
As a result, Bancoagrícola and Flexa introduced the first type of Bitcoin acceptance solution not only in Latin America but worldwide.
Bancoagrícola customers can now use any Flexa or Lightning enabled wallet app to pay Bitcoin for US dollar-based loans and credit card payments at the exact market price with no additional fees.
Bancoagrícola merchants currently accept payments through Wompi. Other payment methods can also enable Flexa-powered Bitcoin payments with no end-user fees and a guaranteed zero fraud system.
Bancoagrícola account holders are advised to download the latest version of the Bancoagrícola mobile app (Banca Movil) or to visit the bank’s online platform to make payments using Bitcoin. Merchants in El Salvador interested in enabling Bitcoin payments are also encouraged to open bank accounts with Bancoagrícola.
More companies are accepting Bitcoin
After El Salvador officially accepted Bitcoin as legal tender alongside the US dollar on September 7, several companies increasingly accepted cryptocurrency as a payment option.
Bank Bancoagrícola is the latest bank to join the number of emerging companies accepting Bitcoin payments in the Central American nation.
On September 8, food and beverage franchises including Pizza Hut and Starbucks began accepting Bitcoin payments from their customers in El Salvador.
Twitter users also reported paying for breakfast at McDonald’s in Bitcoin on Tuesday, September 7, the first day the cryptocurrency became legal tender in El Salvador.
Companies have to accept bitcoin exchange for services and goods, whereby merchants who are technically not able to receive the digital currency are exempt from the law.
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