Coindesk Logo
MarketsMarketsMarkets
Election 2024
Election 2024
Election 2024

Mexican Retailer Famsa Integrates Bitcoin

Mexican Retailer Famsa Integrates Bitcoin

Mexican Retailer Famsa Integrates Bitcoin

Another Latin American e-tailer, Famsa, is now accepting bitcoin for online purchases.

Another Latin American e-tailer, Famsa, is now accepting bitcoin for online purchases.

Another Latin American e-tailer, Famsa, is now accepting bitcoin for online purchases.

By Grace Caffyn
AccessTimeIconOct 13, 2015, 10:44 AM
Updated Aug 18, 2021, 4:16 PM
Presented By Icon

Election 2024 coverage presented by

Stand with crypto

UPDATE (14th October 10:26 BST): Comments added from Alberto Vega, BitPay's Regional Manager for Latin America.

Latin American e-tailer Famsa is now accepting bitcoin for online purchases.

The chain, founded in 1970, sells a variety of consumer goods and electronics across Mexico and the US. It is processing transactions via Atlanta firm BitPay.

The news follows last month's announcement from MercadoLibre – the 'eBay of Latin America' – that it would integrate bitcoin, and a deal between Mexico's BitPagos and Entrepids to allow e-commerce stores to accept the currency.

Alberto Vega, BitPay's regional manager for Latin America, told CoinDesk interest among online retailers is growing:

"It is a very exciting time for bitcoin adoption in Latin America. We are experiencing a great moment, [with] major growth since the TAR Airlines announcement a few months ago."

Although bitcoin merchant adoption is waning – with many businesses reporting "widely disappointing" sales – Latin America appears to be bucking the trend.

According to BitPay, the region saw a 510% increase in transactions from 2014 to 2015. It sees around 10% of transactions happening in Europe, the region that hosts half of BitPay's merchants.

Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
StartupsOverstocklatin americaMexicoMerchantsNewsCompanies