We caught up with the team behind new Latin American crypto innovation Alfred to find out what the app is about and what it can do for users now and in the future.
Can you describe what alfred pay does?
alfred pay is a crypto to local currency infrastructure that enables businesses to provide local Latin American payment rails with one simple api.
What problems did you see in the world that you wanted to try and solve with alfred pay?
Latin America is the ideal market for the crypto thesis and it was proven in 2022 when it had the highest global crypto penetration at 30%. For adoption to continue to grow, alfred pay believes infrastructure will play a key role in this. Problems such as:
- Limited banking coverage across LATAM
- Unbanked cannot access web 3 / crypto products
- Not interoperable with cash
Therefore alfred pay provides:
- A support direct to bank withdrawals through their robust network of banks across the region
- A network of 150,000 retail stores that allows individuals to buy or sell crypto with physical cash without the need of having a bank account
- The opportunity for users to pay with USDC at local merchants
Who do you think is your ideal or most likely type of customer?
Our ideal customer is wallets and exchanges that are tackling different use cases in Latin America with emphasis on the following: Crypto powered remittances from US into Latin America Using stable coins as a store of value to combat local inflation.
Where in the world is alfred pay active at the moment?
alfred pay today has rails in Brazil, Argentina, Dominican Republic, Haiti, Guatemala and will be going live in Mexico, Venezuela & El Salvador in Q2 of this year.
What territories do you want to move into and why?
Our goal is to have full coverage of Latin America by the end of 2025. Additionally, the alfred pay team is focused on providing infrastructure to markets of low attention. Creating bridges for these economies into the digital economy is a priority to improve our goal of access to better products and services that can help empower the Latino.
How can businesses get involved with you and why should they?
We provide a plug and play widget that enables businesses to go live within weeks with just a few lines of code. This allows businesses to focus on their products and offerings while we provide the seamless integration and connection to Latin American rails.
What are your ultimate goals for alfred pay?
Our ultimate goal is to provide access into the Web 3 economy and help advance financial inclusion for Latino’s across the region.
How do you intend to reach those goals?
In order to reach these goals our team is focused on two things:
- Aggressively building out cash and bank rails across the region to provide infrastructure and interoperability for everyone
- Growing our partnerships with retail products who are attacking the region and this demographic. Currently have an ecosystem of 200,000 users and look to be at 1,500,000 by the end of 2023