- Banco Industrial now enables instant U.S. remittances via blockchain for just $0.99 per transfer.
- SukuPay integration lets Guatemalans receive funds without a crypto wallet or IBAN number.
- Remittances to Guatemala reach $21 billion annually, nearly 20% of the nation’s total GDP.
The largest Guatemalan bank, Banco Industrial, has integrated blockchain fintech SukuPay’s stablecoin platform for remittance services. The change is intended to ease and reduce the cost of sending money from the United States to Guatemala. Remittances approximately total $21 billion annually and comprise nearly 20% of Guatemala’s GDP, greatly influencing the country’s economy.
Users of the Zigi app at Banco Industrial can get funds sent to them from the U.S. simply by using their phone numbers. Services on the platform are powered by SukuPay, a framework built on Polygon with the help of USDC stablecoin. Every transaction is complete in less than 20 seconds and costs a flat fee of 99 cents. With the integration, users can instantly send money overseas, without needing crypto wallets or international bank accounts.
SukuPay Partnership Modernizes Cross-Border Payments
The agreement between Banco Industrial and SukuPay is significant because it shows how blockchain technology is now accepted in mainstream banking in Latin America. According to SukuPay’s official announcement, this is the first time a crypto-native protocol has been embedded at this level inside a significant Latin American retail bank’s consumer application.
SukuPay’s CEO, Yonathan Lapchik, emphasized the importance of making blockchain “invisible” to users, stating, “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.” The goal is to make cross-border money movement simple and accessible, especially for the 65% of Guatemalan adults who do not have formal bank accounts, as cited by the World Bank’s Findex Data.
The Zigi app in Guatemala allows recipients to receive their remittances without dealing with cryptocurrency. Customers can also send money through MoneyGram with Apple Pay, debit cards, or cash at major retail stores in the U.S., which is convenient.
Stablecoin Growth Drives Financial Inclusion
The SukuPay–Banco Industrial collaboration highlights the growing use of stablecoins in international money transfers. Stablecoins are now valued at nearly $250 billion with analysts predicting their value could increase to $2 trillion by 2030. In regions facing problems like limited banking and volatile local currencies, stablecoins now play an essential role in facilitating payments and remittances.
Michel Caputi, Head of Strategic Alliances at Banco Industrial, explained that integrating SukuPay into Zigi improves remittance services and helps set a new standard in the region. The move demonstrates how blockchain technology can deliver real-world solutions while remaining behind the scenes. By focusing on efficiency, speed, and cost reduction, Banco Industrial is improving the experience for millions of customers.
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