Ramp Network expands crypto-to-fiat support for real-time MXN payments through SPEI

Ramp Network now supports real-time MXN payments through the SPEI payment system. Users can sell crypto and receive the money in their bank account within 30 seconds. SPEI offers low fees and operates 24/7, facilitating crypto-to-fiat transactions in Mexico.

Ramp Network, a leading financial technology company, has announced the expansion of its crypto-to-fiat off-ramp support to include the Mexican peso (MXN) in the SPEI payment system.

This development allows users in Mexico to receive real-time payments to their local bank accounts, available 24/7.

Ramp Network integrates SPEI

SPEI, or Sistema de Pagos Electrónicos Interbancarios, is a robust real-time payment system that connects all major Mexican banks, enabling fast and secure transfers in seconds.

By integrating SPEI, Ramp Network provides a streamlined solution for Mexican users to sell their cryptocurrency and instantly convert it to fiat currency, greatly enhancing the user experience.

While Mexico is emerging as a key market for the Ramp network, the country ranks 16th globally in the latest Chainalysis crypto adoption index and is among the top 20 countries in terms of crypto transaction volume.

In particular, 14% of the Mexican population currently owns a cryptocurrency and 40% of local companies are exploring the integration of blockchain technology, indicating an exciting landscape for fintech innovation.

Ramp Network CEO Szymon Sypniewicz expressed pride in SPEI's integration, “Now people in Mexico can convert their crypto to fiat in seconds with low fees and reduced friction.

The service costs only 2.9%, which is much lower than traditional methods, thereby reducing transaction-related issues and providing a reliable payment option that works throughout the year.

Users can simply start a transaction by selecting the desired amount of cryptocurrency, selecting Mexico as their country, and selecting SPEI as the payment method. After entering their bank details, users can expect to receive MXN in their bank account in 30 seconds or less.

As part of its mission to provide local services in Latin America, Ramp Network plans to further enhance its offerings by introducing SPEI on-ramp transactions in the near future.