US-based embedded fintech solutions provider Inswitch has partnered with Binance to support the adoption of cryptocurrency payment by merchants in Latin America (LATAM).

As part of the alliance, both the companies will help merchants use Binance Pay, a contactless, cross-border cryptocurrency payment solution developed by Binance.

The firms also aims to enhance their fintech solutions through the collaboration.

Merchants in LATAM will be able to conduct transactions through crypto and grow revenue by accepting the currency, among others, stated Inswitch.

They can accept payments in more than 50 cryptocurrencies, promote new products or business methods as well as accept payments frequently across the globe.

Merchants can easily incorporate Binance Pay and handle regular consumers with APIs and other products developed by Inswitch including Payment Links and Hosted Checkout.

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In addition, merchants can configure their devices with Inswitch Business Portal. They can also build new digital experiences with APIs and low-code fintech products offered by Inswitch.

Through the partnership, the companies seek to back a range of business models, such as business-to-consumer, business-to-business and consumer-to-business.

Several categories such as e-commerce, retailers, travel, CPGs, banks, and gig economy , among others are set to benefit from the tie-up.

Binance Pay global head Jonathan Lim said: “We are thrilled to bring crypto payments to more than 650 million LATAM users by partnering with Inswitch, this keeps reinforcing Binance Pay’s objective of providing contactless, borderless, and secure cryptocurrency payment experiences to companies and consumers.”

In June this year, Binance announced the integration of its self-custodial crypto wallet Trust Wallet, with Binance Connect to accelerate the use of digital currencies.