DitoBank Launches Digital Wallet with Mastercard Card for Bitcoin and USDC Payments in El Salvador
DitoBank, a startup focusing on digital banking solutions, has announced the availability of its digital wallet with a Mastercard card for payments using bitcoin (BTC) and USD Coin (USDC) in El Salvador. The company stated that the product is now accessible to all Salvadorans over the age of 18 with an identity document, as well as foreigners with a resident card, temporary or permanent.
The release of this card is part of an initiative to promote financial inclusion in El Salvador. “We are working to make the product available very soon to anyone in El Salvador,” said Guillermo Contreras, CEO of DitoBank, in an interview with CriptoNoticias.
Obtaining the card is quite simple. Users need to download the DitoBanx wallet on either iOS or Android, and then register using an identity document and phone number. According to Contreras, the virtual card is received immediately, while the physical card will be delivered free of charge to the applicant’s home the following day.
The DitoBanx wallet allows users to transfer their balance in bitcoin or stablecoins, such as USDC or USDT, to the card at no cost. It can be used at over 100 million businesses worldwide, and users can withdraw money from any ATM without incurring any commissions.
Additionally, the wallet enables funding or withdrawals from dollar balances to bank accounts through financial correspondents or any ATM in the world that accepts Mastercard. Salvadorans will also be able to use the wallet to pay for public services such as water, electricity, and telephone bills.
DitoBank has further plans to open microcredit lines to specific sectors of the population, which have historically been neglected. These microcredits will be granted in dollars and charged in BTC, USDT, or dollars.
In April, DitoBank obtained a digital asset license in El Salvador, allowing the company to offer solutions for processing payments with bitcoin. The startup’s upcoming plans include launching its digital wallet with a Mastercard card in Mexico and Colombia.
Overall, the availability of the DitoBanx digital wallet with a Mastercard card for bitcoin and USDC payments is a promising step towards financial inclusion and convenience for Salvadorans. With plans for expansion in other countries, DitoBank aims to revolutionize the way individuals manage their finances.