Largest bank in El Salvador now accepts Bitcoin as payment method for financial products
Bancoagricola, the largest bank in El Salvador now accepts bitcoin to pay debts resulting from the use of its instruments, according to a press release. The institution has partnered with Flexa, a payment network, to include cryptocurrency capabilities in its software. Bancoagricola also allows merchants using Wompi services (a digital payment processor) to receive bitcoins for goods and services sold.
Bancoagricola adopts Bitcoin
Bancoagricola, the largest financial institution in El Salvador, was one of the first to include bitcoin support for its financial instruments. This means that its customers will be able to pay their financial instruments (like loans, mortgages and credit card debt) with bitcoin, in accordance with the bitcoin law .
Bank customers who use a digital payment gateway known as Wompi will also be able to receive bitcoin payments through this service. Carlos Mauricio Novoa, COO of Bancoagricola, said:
The bank also announced its intention to provide full support for bitcoin payments through their PoS terminals this year.
Flexa partnership in El Salvador
To achieve this goal, Bancoagricola has joined forces with Flexa, a digital paymentue. This allowed the institution to easily integrate bitcoin related services into the platform. Flexa will be integrated into Bancoagricola's point of sale network, allowing customers to receive bitcoin payments directly. Banks and other businesses are starting to include bitcoin in their payments network to comply with the legal tender status that was approved for bitcoin on June 9.
Trevor Filter, co-founder of Flexa , said:
Bancoagricola has more than 1,000 customer care points nationwide, with more than 5,400 employees serving customers. The impact that this inclusion can have on the way citizens pay their debts is therefore significant. More banks are expected to announce several deals in the coming days, in order to also welcome customers in accordance with the promulgated law.
Even with all this movement around bitcoin, most Salvadorans (seven out of ten) are against its use as legal tender according to a survey organized by the University Institute of Public Opinion.
What do you think of the integration of Bitcoin services by Bancoagricola in El Salvador? Let us know in the comments section below. articlebody>