KuCoin disclosed that KuCoin Pay had extended the transfer-based encrypted payment service to Bangladesh, Mexico and Zambia, focusing on the access of encrypted assets and stable currency to bank transfer and mobile payment networks already in use by local users.
Access to three local payment channels.
According to the company, the expansion covered three types of local infrastructure: bKash and Nagad mobile payment platforms in Bangladesh, bank transfer routes compatible with SPEI in Mexico, and mobile wallet services in Zambia provided by MTN Group and Airtel Africa.
According to KuCoin, the goal of this type of access is not to create an additional independent payment system, but to allow digital assets to flow along existing payment channels and lower user thresholds for use in day-to-day transfers and payments.
- Bangladesh: access bKash, Nagad
- Mexico: Access to SPEI compatible bank transfers
- Zambia: Access MTN and Airtel mobile wallet
Focus on the stabilization of currency and day-to-day transfers
According to the company, the platform, through a deep interface with local banks and payment networks, has brought encrypted asset transactions closer to the use of electronic wallets, mobile payments or local bank transfers.
According to KuCoin, the design is primarily oriented towards high-frequency scenarios such as payroll, remittances, business-to-business receipts and point-to-point transfers, especially in emerging markets where local bank transfers and mobile payments are high.
The General Manager of the KuCoin board, Alicia Kao, indicated that payment was one of the important channels through which digital assets entered the real economy. Through local connectivity, companies want to allow users to use encrypted assets in familiar financial systems rather than just holding and trading links.
Further market expansion will follow.
KuCoin also indicated that it would continue to expand its compatibility with more local banks and payment systems, as well as to increase the speed of technical response and to expand the encryption payment applications in the supported areas.
This means that its next focus will remain on payment network coverage and actual frequency of use, rather than simply increasing the number of assets that can be supported.
Additional information:The information in question is derived mainly from corporate representations and is currently not disclosed on the scale of transactions, cooperative bank lists or specific tariff arrangements.