Mexico has seen modest Bitcoin market penetration so far but has also avoided any condemnation or over-regulation by government. Bitcoin is seen as a digital asset and is not illegal to use in Mexico. 7-Eleven stores have taken Bitcoin under agreement and merchants are starting to hear about Bitcoin and accept it in larger metropolitan areas. This has created fertile ground for growth and innovation, and the newest application in Mexico may be the best and most useful. Called Volabit, it brings debit card convenience to smartphones in Mexico, making Bitcoin as easy to use as a peso.
Volabit Brings Bitcoin to Smartphones in Mexico
Volabit is designed for use in Mexico, second to market behind only Pademobile’s mobile app. With Volabit’s mobile app, you enter the amount in pesos and choose the method of deposit. Finally, click “Create deposit slip.” Make a deposit using the information contained in the record and your deposit will be automatically credited to your account. The receipt record generated is valid until 11:59 PM on the same day in which it was created. To buy bitcoin once you have Mexican pesos in your account, click a button to enter the Bitcoin field, enter the amount you wish to purchase and click “Buy Bitcoins.” You will see the bitcoins reflected in your account instantly.
Maybe you’d like to sell bitcoins through your account? It provides a bank account in your name where you can deposit funds from your bitcoin sale. Enter the amount of bitcoins you want to sell. Select to where you want the funds to be sent. Finally click “Sell Bitcoins”. Then it allows you to make a bank transfer to your bank account or pay your balance on your Volabit account. Bank transfers appear in as little as ten minutes or the next business days if you are doing transactions after business hours.
Volabit converts pesos into bitcoins and makes it easy to buy with bitcoins. Users can send money to family, transfer to bank accounts, purchase travel through Expedia, make Microsoft online purchases, donate to charity and more. Anywhere a QR code pops up is where Bitcoin can be used through Volabit. Volabit can also make bill payments with all the major providers of cable, satellite, water, and utility, including SKY, Dish Network, TelCel and Aguakan and Natural Gas.
The fee structure for Volabit charges a commission of 1% plus Value Added Taxes on the purchase and sale of Bitcoins. Bitcoin is priced in U.S. Dollars or Pesos. The dollar value of buying and selling is calculated by averaging the values offered by various Mexican banks. Bitcoin withdrawals cost 0.0001 BTC in mining fees.
Volabit was established last year, and touts themselves as the fastest way to buy and sell Bitcoin in Mexico. Mexico might be late to the party compared to the major markets in adoption, but Volabit might be a step ahead of mobile applications in the major markets in its level of convenience and versatility.
Images provided by Volabit.
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