Bitcoin in El Salvador
Soon, their BTC cardholders will be able to spend BTC using tap-to-pay anywhere NFC card readers are available. The cardless payment service will use the Lightning Network (LN) to facilitate BTC retail transactions.
Contactless card payments are very popular in today’s fast-paced world, and with the help of LN, these services can now also be used by BTC holders. Bitcoin Lightning services in El Salvador are provided by CoinCorner, which in turn is partnering with IBEX, a lightning infrastructure services company, to add NFC support to businesses in the country.
The Bolt Card Light payment card was launched on October 12th. CoinCorner said that, in addition to the legal tender of BTC, the impetus for the expansion into the Central American country was a flurry of reports of poor user experience, which the company hoped to address.
Bitcoin LN is a scalable layer 2 infrastructure that allows you to hash and use BTC everyday at a low cost and at a stable transaction speed. The introduction of Click-to-Pay card payments will pave the way for seamless BTC usage in the country, which the company hopes will also boost BTC usage in the country.
Related: El Salvador Bitcoin Wallet Shows ‘Strong Signs of Adoption’ Says Chief Executive
El Salvador became the first country to offer BTC as legal tender in September 2021. At the time, President Najib Bukele hoped that its passage would help the majority of the country’s non-banking population achieve financial independence. Within four months of the adoption of BTC, there were 4 million users of state-backed bitcoin wallets in the country.
In the first two quarters of 2022, $52 million was transferred through BTC wallets. With the introduction of Lightning-based payments in the country, the retail payments sector may see an increase in the use of BTC.