Decaf, the Florida-based digital ledger technology platform for secure and transparent payment, recently launched Decaf Pay, a web version of its wallet which enables cross-border payments. Since launching, Decaf Pay has seen enormous growth in the LATAM region, with a 400% increase in July of 2023 alone and within 7 figures of USDC volume. The company expects these figures to grow into billions in the near future. But why is LATAM seeing such rapid growth in crypto adoption and how is Decaf a major influencer of this growth?

Why LATAM is seeing rapid crypto adoption

LATAM’s inflation crisis is one of the most challenging globally, with many counties in the region experiencing the worst economic downturn in the last ten years. For example, Argentina's markets— which have long been shaky after years of economic crisis— have witnessed inflation rising over 100%, with four out of ten Argentines reportedly below the poverty line. For Mexico, the country suffered its worst economic contraction since the great depression in 2020, with its aggregate output dropping by 8.5%.

However, the challenging economic conditions in LATAM countries have presented opportunities for crypto adoption to grow rapidly, as many continue to seek financial freedom. This interest is reflected in the incredible success Decaf Pay has seen in LATAM so far.

Decaf Pay, an improved, web-based version of Decaf Wallet, facilitates super-quick and efficient cross-border payments. “It’s like Wise and Deel, but for cross-border USDC transactions,” says Rick Martin, founder and CEO at Decaf.

How Decaf Pay is transforming cross-border payments in LATAM

Decaf Pay blends the speed of cryptocurrency with the reliability of decentralization, while retaining the feel of conventional banking. It enables users in LATAM to convert USDC — a stablecoin pegged to the US dollar — into their native currencies, while steering clear of time-consuming transfers and exorbitant fees.

Using Decaf Pay is as simple to use as services like Wise and Deel, as Rick Martin notes. Whether it is someone in the Philippines waiting for a paycheck from America or a Korean trader looking for the next arbitrage opportunity, Decaf Pay enables simplified USDC to local currency conversion and comprehensive transaction tracking.

Prior to Decaf Pay, cross-border payments took weeks, and high exchange rates were a constant pain. With Decaf Pay, users can get USDC payments with speed, hold funds as long as they desire, and convert USDC to their local currencies without any hassles. The flexibility that Decaf Pay brings makes financial dealings seamless.

Speaking of how Decaf Pay has simplified payments for her business, Maria, a freelance worker based in Argentina, says “Before Decaf Pay, payments from my U.S. clients took weeks, and unfavorable exchange rates were a constant worry. With Decaf Pay, I get my USDC payments quickly, can hold as long as I want, and can convert to my local currency seamlessly. This flexibility has given me unparalleled financial freedom!”

Decaf Pay has been designed to be intuitive and efficient at every step. It serves a seasoned crypto trader as much as it does the freelancer dealing with global payments for the first time.

At a time when borders have given way to the digital realm and businesses have become globally connected, having an efficient and user-friendly platform like Decaf Pay for facilitating global transactions has become imperative.

Enter Blockchain & USDC

For those new to the term, think of blockchain as a digital ledger—unmodifiable and transparent. At its core, it provides a foundation for assets like USDC. Holding USDC is akin to having a shielded savings account that defends against inflation and devaluation.

Now, pair this with a non-custodial wallet—a digital wallet where only the user has control, without third-party intervention, where transaction fees are a fraction of a cent and instant. Especially in countries where national currencies and banks have histories of devaluation or failure, such a wallet offers a haven.