As PayPal USD (PYUSD) continues its path toward global adoption and growth, we are excited to feature another Paxos partner, CiNKO, which is revolutionizing access to money and accelerating the adoption of digital financial services across Latin America and the Caribbean.

CiNKO is a global digital payments platform that powers a suite of solutions to conduct financial transactions safely, seamlessly and securely. CiNKO users have access to features such as the ability to perform person-to-person transactions with family, friends and any wallet holder, cash out funds at hundreds of MoneyGram locations, send money to a local bank account and buy mobile minutes. 

CiNKO is one of the first payment platforms in Latin America and the Caribbean to accept PYUSD and offers access to one of the most regulated stablecoins in the world to users in 44 countries in the region. The examples below highlight how PYUSD impacts the CiNKO user experience, specifically related to cross-border payments and tourism.

 

How CiNKO customers can use PYUSD for cross-border payments to family and friends

One of PYUSD’s most important use cases is the ability to support near-instant, low-cost cross-border payments. There is global demand for this feature, as many people in Latin America and the Caribbean rely upon cross-border payments from family and friends in the US. With PYUSD, CiNKO empowers its users in the region to receive PYUSD from friends and family in the US in a way that is low-cost for both the sender and receiver, ensuring more money in the receiver’s pocket and less money going to fees.

Pay a friend or family member 

A user in the US can send money to a friend or family member in more than 44 countries supported by CiNKO in Latin America and the Caribbean and ensure the fees are low, the transactions are secure and the process is efficient using PYUSD. The user opens their PayPal or Venmo app and sends PYUSD to the friend or family member’s CiNKO address. The CiNKO user receives the funds in minutes and can access the money at countless MoneyGram locations.

How CiNKO customers can use PYUSD for tourism payments

Many of us can relate to being out of the country on vacation and struggling to convert different types of fiat currency to pay for goods and services or being charged high foreign transaction fees on credit cards. The PYUSD enablement within CiNKO solves this for users by creating a seamless payment experience. Tourists can use their PayPal or Venmo app to scan the QR code of the CiNKO user to pay for goods and services. 

Pay for a taxi ride

A U.S. tourist with the PayPal or Venmo app traveling in Latin America and the Caribbean can pay for their taxi or other service without worrying about carrying cash. If the taxi driver or service provider has the CiNKO app, the tourist can open their PayPal or Venmo app and easily send PYUSD to the merchant as payment.

Pay for a vacation home or condo rental

A U.S. tourist with the PayPal or Venmo app traveling to Costa Rica can pay for their vacation home or condo rental using PYUSD if the host has a CiNKO app. This is a much better solution than having cash on hand and would not incur foreign transaction fees like a credit card. 

These are just a few examples of how PYUSD and CiNKO are changing money movement. We are thrilled to have clients like CiNKO who have chosen to accept PYUSD, and we look forward to continuing to build impactful use cases within the Paxos network and around the world.