SukuPay Integrates with Banco Industrial's Mobile App

SukuPay, a blockchain-oriented startup, integrated its remittance service within Zigi, a mobile app from Guatemala’s largest bank, Banco Industrial. The partnership aims to streamline money transfers from the U.S. to Guatemala using USDC stablecoins.

With this integration, SukuPay and Banco Industrial offer a cost-effective solution for remittances, utilizing blockchain technology. The service, embedded in the Zigi app, minimizes transfer fees while maintaining security.

The integration positions Banco Industrial as the forefront of blockchain adoption, potentially encouraging other financial institutions to explore similar technologies. The use of USDC on the Polygon network ensures low-cost, secure transfers, signaling a shift towards tech-driven remittance solutions.

The economic implications are substantial, as Guatemala receives over $21 billion in remittances annually. This advancement not only enhances blockchain utility but also increases Polygon’s network activity, potentially influencing the crypto market positively.

Previous blockchain remittance initiatives, like those by Stellar and RippleNet, required technical proficiency. SukuPay’s approach, with an invisible blockchain layer, simplifies the experience, marking a first in Latin America at this scale.

According to experts from Kanalcoin, the focus on non-intrusive blockchain solutions can effectively foster mainstream adoption, echoing global financial transformation trends seen in regions with significant remittance inflows.

Yonathan Lapchik, CEO, SukuPay, stated, “The key to mainstream adoption of blockchain technology is making it invisible to the end-user so that there are no technical barriers. That’s the only way we’ll scale blockchain to billions of people — by building the rails, not forcing people to learn how they work.”