RedotPay, a Hong Kong-based cryptocurrency payment fintech with over 4 million users, has announced a partnership with Circle to integrate the Circle Payments Network (CPN) for cross-border payments into Brazil.
The collaboration allows RedotPay users to send cryptocurrency directly to Brazilian bank accounts, with the funds automatically converted into Brazilian Real (BRL) upon arrival.
The Circle Payments Network connects financial institutions globally, enabling real-time settlement for cross-border transactions.
According to RedotPay, the integration aims to improve access to international payments for underbanked populations by reducing transaction costs and eliminating the typical one to five business day settlement period often associated with international transfers.
As part of the initial phase of this integration, RedotPay has launched a new “Send Crypto, Receive BRL” feature.
This service enables instant crypto-to-fiat transfers to Brazilian bank accounts and is currently offered with a promotional US$0 transaction fee.
“By integrating with Circle Payments Network, RedotPay is addressing two major pain points that have historically hindered cross-border payments in emerging markets,”
said Michael Gao, CEO and Co-Founder of RedotPay.
“For users, the process has been slow and costly, with high foreign exchange rates and handling fees. Transaction success rates have also been inconsistent. For Payment Service Providers (PSPs), capital has often been trapped in prefunded accounts with different PSPs or banks across multiple countries.”
Commenting on the partnership, Sunil Sharma, Vice President of Product at Circle, said:
“We designed Circle Payments Network as a foundational coordination protocol for the always-on economy to connect financial institutions who share our vision of empowering emerging economies and modernising the global financial system. This is the next chapter in Circle’s evolution, and RedotPay’s customers will now have access to frictionless global payments.”
The integration follows RedotPay’s recent US$40 million Series A funding round, raised to support the expansion of its global crypto payment solutions. The new Brazil payment corridor is available via the RedotPay mobile app on iOS and Android.
Featured image credit: Edited by Fintech News America, based on image by ksandrphoto via Freepik
