Payments/SV
El Salvador
ISO SV · 3 schemes
Summary
- Chivo Wallet national Bitcoin/USD wallet
- QR code based transactions
- Lightning Network ATM upgrade (Q4 2024)
- First country Bitcoin legal tender (2021)
- Closure planned December 2024
Banking landscape
Central Bank
- Name: Banco Central de Reserva (BCR)
- Website: https://www.bcr.gob.sv/
- Role: Monetary policy, payment oversight
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Banco Agricola | Private | Agricola App |
| 2 | Banco Cuscatlan | Private | Cuscatlan Mobile |
| 3 | BAC Credomatic | Regional | BAC App |
| 4 | Banco Davivienda | Regional | Davivienda App |
| 5 | Banco Hipotecario | Private | BH Mobile |
Market Structure
- Chivo Wallet: Government-backed
- Dual currency: USD + Bitcoin
- First globally: Bitcoin legal tender
- Traditional banking: USD dominant
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Chivo Wallet | Government | BTC/USD | Closing 2024 |
| Bank transfers | Banks | USD | Active |
| ACH El Salvador | Banks | Clearing | Active |
| Lightning | Chivo ATMs | Bitcoin | Q4 2024 |
Chivo Wallet (2021-2024)
- Launched September 7, 2021
- Government-backed wallet
- Bitcoin and USD support
- $30 BTC bonus per user
- AlphaPoint technology
Lightning Network ATMs
- 100+ Chivo ATMs
- Q4 2024 installation
- Faster Bitcoin transactions
- Lower fees
- Cash-in/cash-out capability
QR code standards
Chivo QR
| Attribute | Value |
|---|---|
| Provider | Government |
| Feature | BTC/USD transactions |
| Technology | Lightning Network |
| Status | Closing late 2024 |
QR Payment Features
- Scan QR to send/receive Bitcoin
- USD conversion option
- Seamless transactions
- No commission fees
- Lightning addresses
QR Payment Flow
- Scan merchant/user QR
- Enter amount in BTC or USD
- Receiver chooses currency
- Instant confirmation
- Lightning Network speed
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Chivo Wallet | Government | Yes | BTC/USD |
| Bank Apps | Various | Limited | USD |
| Third-party | Crypto | Limited | Bitcoin |
Chivo Wallet Features
- Bitcoin transactions
- USD transactions
- QR code payments
- Lightning Network
- Free transfers
- $30 BTC bonus
Usage Statistics
- Less than 2% using for remittances
- 5.1 million user data exposed (hack)
- $276 million minted
- Limited merchant adoption
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| Chivo QR | BTC/USD QR | Lightning | Closing | chivo-qr |
| Lightning | Bitcoin L2 | QR + address | Q4 2024 | — |
| Bank apps | USD | Traditional | Active | — |
Sources
- Google Play - Chivo Wallet
- AlphaPoint - Chivo Case Study
- Fortune - Chivo Closure
- Bitcoin Magazine - Chivo Launch
- CryptoNews - Chivo Hack
- Inverse - Bitcoin El Salvador
Full country report
Schemes
Standards
Primary · 1
Mentioned · 1