El Salvador: Banco Agricola Accepts Bitcoin to Pay Credit Cards

Banco Agricola, one of the main private banking institutions in El Salvador, announced that they are now accepting payments in bitcoin (BTC).

The institution announced in a statement

that they can pay with BTC the credit cards, and the installments of the acquired credits. The bank specifies that they are using the e-Banca platforms and the Mobile Banking app, which are capable of generating codes compatible with “various electronic wallets”.

They are also working on solutions to integrate BTC in other payment applications such as POS payment and Wompi

, among others. They assure that they do this “so that customers decide to pay from the wallet of their choice”.

Banco Agricola, which is part of the Bancolombia Group since 2007, would have received the support of this Colombian bank to accept BTC. In the statement they state that Bancolombia “created a team to study the applications of blockchain technology and digital currencies” 6 years ago.

Also, Banco Agrícola reported that it would be giving continuity to its financial education campaign called Financiera-mente

, aimed at its customers, small and medium enterprises (SMEs), entrepreneurs and the general public.

“For Banco Agrícola, financial inclusion is fundamental to achieve sustainable economic development. We are committed to continue exploring ways to bring more people into the regulated financial ecosystem,” the publication concludes.

Banco Agrícola uses a separate solution to the Chivo wallet

Without mentioning the state-owned Chivo wallet

, or any other solution, Banco Agrícola is among the first banks in El Salvador to offer a preview of how they will integrate into the country’s new monetary regime. El Salvador: Banco Agricola Accepts Bitcoin to Pay Credit Cards El Salvador: Banco Agricola Accepts Bitcoin to Pay Credit Cards Small merchants are already accepting BTC in El Salvador in their establishments. Source: Jose Valdez.

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As reported by CriptoNoticias, the Bitcoin Law came into force in El Salvador

on September 7, 2021, declaring BTC as national legal tender alongside the U.S. dollar.

Since that same day, several companies such as Pizza Hut, McDonald’s, Starbucks, Claro and Movistar, in addition to hundreds of small businesses, began to make BTC transactions.