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Latin American prominence on the global crypto stage is increasing year on year. El Salvador’s groundbreaking 2021 decision to adopt Bitcoin as legal tender placed the region firmly in the crypto spotlight. As of 2023, it proved to be one of the fastest-growing in terms of grassroots cryptocurrency adoption in the world, fueled largely by un- and underbanked communities seeking alternatives to traditional financial services and struggling economies crippled by crises and inflation.
As a key player in this evolving narrative, ForumPay creates a bridge between this traditional yet underperforming FIAT world, and the innovative crypto space, allowing merchants to embrace the trend and get paid in Latin American FIAT currencies. Not only can ForumPay provide access to the growing Latin American crypto-consumer community, we can also open up your business to crypto consumers around the world.
ForumPay can help you tap into this growing consumer sector, both local and global, and transcend international borders to open your business up to overseas markets, eager to spend their digital assets.
Open your business up to the world
ForumPay currently supports FIAT currencies from major Latin American economies, including the Colombian Peso, Brazilian Real, Mexican Peso, and Chilean Peso. This enables merchants in these regions to seamlessly integrate ForumPay’s solutions into their payment flow, accept cryptocurrencies from consumers around the world, at any time and in any amount, and get paid in the aforementioned Latin American FIAT currencies.
This level of global reach and efficiency offers significant advantages for international business expansion. With ForumPay, your products and services are opened up and available to every crypto-consumer, in every country in the world. By removing the barriers imposed by traditional e-commerce payment systems, such as currency conversions —inherently time-consuming and expensive—, you’ll be free to sell internationally without requiring your customers to just through unnecessary, bureaucratic hoops.
Solutions for Latin America’s unbanked
El Salvador made history on September 7, 2021, by becoming the first country in the world to adopt Bitcoin as legal tender. The landmark decision, taken by President Nayib Armando Bukele Ortez, sparked global interest, intrigue, and controversy. El Salvador’s introduction of Bitcoin as legal tender coincides with an ongoing financial crisis and a largely unbanked population.
In fact, approximately 70% of Latin America’s population is unbanked, which has caused grassroots cryptocurrency adoption in the region to surge, making it one of the fastest-growing adopters worldwide. Therefore, choosing to accept cryptocurrencies in Latin America also addresses concerns regarding financial inclusion. Taking into consideration that 51% of Latin American consumers have already engaged in transactions using cryptocurrencies, incorporating ForumPay’s solution into your payment flow would allow you to tap into this growing market and support crypto adoption in the region.
Expanding your customer base
The global cryptocurrency market is maturing fast, and as a merchant, you should be aware of customers’ growing demand for faster, safer, and cheaper payment solutions. ForumPay is a strategic payment gateway that can help boost sales and cultivate customer loyalty by demonstrating your alignment with innovations in e-commerce and payment solutions
ForumPay can be easily integrated into existing workflows as an alternative payment option. This added efficiency enhances your customers’ experience and trust in your brand. The easier the payment process, the more likely customers are to return. Incorporating ForumPay represents a proactive and forward-thinking choice that can help future-proof your e-commerce site or online store, especially in such a rapidly evolving, e-commerce landscape.
The payment process
ForumPay’s fast and secure payment solution allows merchants to gain access to the growing market of 450 million plus cryptocurrency users and consumers, safe in the knowledge that they will not be exposed to the volatility of the crypto market and the fluctuations in the value of the asset being used to make payment. ForumPay instantly determines the price offered to the customer and fixes the crypto equivalent to the FIAT amount you charge.
There are no set-up charges, and we charge a one-time, all-inclusive fee for each transaction, which you can choose to absorb or pass on to your customers. You will only pay this fee when a transaction is executed, and unlike credit card payments, there are no chargebacks. We also offer exclusive benefits to your customers, allowing them to pay in any major cryptocurrency and from the wallet of their choice (we accept payments from every single one).
If you are considering accepting cryptocurrency payments from this growing consumer segment through your online store or e-commerce platform, book a meeting with one of our customer success managers to find out how to get started. They are available to answer all your questions.
Alternatively, visit ForumPay.com for more information.
