Sling Money Expands to Mexico, Easing Remittances for 142 Million People

Sling Money, a financial app designed for effortless global transfers, has launched its full services in Mexico. This development opens a new channel for over 142 million people in Mexico and its global diaspora to send and receive money across borders with ease, speed, and minimal fees. By combining modern digital finance with local infrastructure, Sling Money offers an alternative to the high costs and slow processing times associated with traditional remittance options.

The app utilizes regulated stablecoins such as $USDP, $USDC, and $EURC to facilitate cross-border payments. These assets enable users to mitigate the volatility of cryptocurrencies while still enjoying their benefits, including instant transfers and low fees. Sling Money simplifies the process through a user-friendly interface that removes the need for technical expertise.

Global Reach and Local Utility

Mexico has now become part of a broader Sling Money network that spans more than 145 countries. In over 70 of these, including the United States and most European nations, users can withdraw stablecoins to local payment methods. In other regions, users can still receive transfers through Solana-based wallets, even without access to a traditional bank account.

The integration with SPEI, Mexico’s domestic interbank payment system, is a key part of this expansion. It enables users to send or receive money in Mexican pesos, convert to or from stablecoins, and withdraw funds instantly into local bank accounts. This feature allows for seamless currency exchange between pesos, dollars, euros, and other fiat currencies, eliminating the need for multiple platforms.

This global reach positions Sling Money as a potential game changer for the Mexican diaspora, which sends an average of $5 billion back home each month, according to data from Banco de México. By reducing friction and costs, the app provides a practical solution for families that rely on remittances as a significant source of income.

Partnership With Bridge to Support Global Workers

Sling Money also supports Mexican workers with Virtual Accounts provided through a partnership with Bridge. These accounts come with U.S. routing numbers or European IBANs, allowing users to receive salaries or freelance payments directly into their Sling Wallets. For a fee of just 0.1%, users can hold earnings in stablecoins or convert them to pesos immediately.

This feature is particularly relevant for remote workers and freelancers who serve clients overseas. It minimizes dependency on expensive third-party platforms and gives workers direct access to their income in local currency.

“One of the Most Important Corridors for Cross-Border Payments”

Framing the announcement, Mike Hudack, CEO and co-founder of Sling Money, stated, “Mexico is one of the most important corridors for cross-border payments, but legacy systems fail to serve everyday people. We’re building tools that are fast, affordable, and radically simple.”

Hudack likens the shift to the transformation of international calling, which became far more accessible with the advent of internet-based services. Similarly, Sling Money aims to remove the hassle of sending money abroad. Its goal is to make global financial participation as intuitive as sending a text.

Outlook and Broader Impact

The expansion into Mexico signals Sling Money’s continued commitment to improving financial connectivity in Latin America. As the region experiences increased digital adoption, tools like Sling Money can help bridge gaps between traditional financial systems and the realities of a globalized economy.

Whether used by families, freelancers, or migrant workers, the app offers a pathway to more inclusive, efficient, and user-friendly financial services. This approach echoes the original ethos of cryptocurrency, which aimed to give financial access to the masses. As adoption grows, the hope is that more people will be able to participate in cross-border transactions without barriers or complexity.

Read More on SolanaFloor

Volatility in Bitcoin and Renewed Momentum in Solana Shape Market Dynamics

“People Won’t Go Back” - Sling Money Founder Foresees Explosive Stablecoin Adoption

Is Solana Innovating or Just Repeating TradFi’s Worst Mistakes?