SAN SALVADOR, El Salvador, Sept. 9, 2021 /PRNewswire/ -- Bancoagrícola®, member of Grupo Bancolombia and the largest financial institution in El Salvador with more than 1,000 service points across the country, today announced that it has enabled bitcoin payments for consumer and merchant customers through a new partnership with Flexa, the world's leading pure-digital payments network. Through this new integration, Bancoagrícola is now accepting bitcoin (BTC) across its network for payments toward loans, credit cards, and merchant goods and services in compliance with the new "Bitcoin Law" effective September 7.
The bitcoin acceptance solutions introduced by Bancoagrícola and Flexa today are the first of their kind not only in Latin America but also across the globe. 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 fair market rate, without any additional fee or spread. Bancoagrícola merchants currently accepting payments through the Wompi payment gateway can also enable Flexa-powered bitcoin payments with guaranteed zero system fraud and no fees for end customers. Bancoagrícola has also committed, to bringing turnkey, fraud-proof bitcoin payments via Flexa to all of its' clients point-of-sale terminals by the end of this year.
"We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers across our entire suite of financial products and to enhance financial inclusion," said Carlos Mauricio Novoa, COO of Bancoagrícola. "At Bancoagrícola, we seek to innovate to promote sustainable economic development; we work tirelessly to satisfy our customers' financial needs in the most responsible, respectful, and caring way possible. Flexa has been instrumental in helping us prioritize our customers' experiences using bitcoin as legal tender in El Salvador; we look forward to continuing to innovate alongside them for a long time to come."
"As it always has been, our vision at Flexa is to build software that helps anyone spend any currency with any app at any store—online or anywhere in the world," said Trevor Filter, co-founder of Flexa. "The opportunity to partner with organizations as innovative and world-class as Bancoagrícola and Grupo Bancolombia so that we can support better payment technology for millions of Salvadorans in such a tangible and impactful way is simply incredible. We're very grateful to have spent the last few months on this journey with the Bancoagrícola team and can't wait to see how the rest of this financial revolution unfolds."
Bancoagrícola account holders are encouraged to download the latest version of the Bancoagrícola mobile app (Banca Movil) or visit bancoagricola.com in order to make payments with bitcoin. Merchants in El Salvador who are interested in enabling bitcoin payments should contact their Bancoagrícola account manager or explore Flexa's integration offerings for more details and to get started.
Bancoagrícola, as the bank of Salvadorans for 65 years, promotes sustainable economic development to achieve the well-being of all. With more than one million customers, the bank provides solutions that promotes financial inclusion, strengthen the competitiveness of the productive fabric, and support the construction of more sustainable cities and communities.
Flexa is the global leader in pure-digital payments. We provide merchants and developers with simple integrations for digital currency acceptance that are fast, affordable, and completely fraud-proof. Founded in 2018, Flexa's mission is to make payments more efficient and accessible for people all over the world.