El Salvador’s Biggest Bank Accepts Bitcoin as Payment for Financial Products

According to a PR statement, Bancoagricola is the largest bank in El Salvador and now accepts bitcoin to pay debts incurred through the use of its instruments. 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 Accepts Bitcoin

Bancoagricola is the largest financial institution in El Salvador and has included bitcoin support for all of its financial instruments. According to the bitcoin law, customers can now pay for financial instruments such as loans, mortgages and credit card debt with bitcoin.

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

We are proud to be the first financial institution to allow bitcoin access to our 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 Jumps in El Salvador

Bancoagricola joined forces with Flexa, a digital payment platform, to achieve this goal. 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 bitcoin’s legal tender status, banks and other businesses have begun to accept bitcoin into their payment networks.

Trevor Filter, co-founder of Flexa stated:

It is an incredible opportunity to partner with innovative and top-class organizations like Bancoagricola or Grupo Bancolombia in order to support better payment technology for millions Salvadorans in a tangible, impactful manner.

Bancoagricola employs more than 5,400 people to serve 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.

According to a University Institute of Public Opinion poll, the majority of Salvadorans (7 out of 10) are against bitcoin as a legal tender.

Image Credits Shutterstock, Pixabay and Wiki Commons

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