At TechCrunch Disrupt New York in Red Hook, Brooklyn, BitPagos made it to the finals in the startup battlefield after a Tuesday night presentation where they showed how they could bring unsecured personal loans to the developing world with Bitcoin. BitPagos’s Sebastian Serrano took to the stage to introduce his company’s new service, Ripio. The Bitcoin wallet can be used to pay for goods or services at any of the hundreds of online merchants that accept cryptocurrency. If the consumer doesn’t have the money for what they want, Ripio will front it and the consumer will pay them back in installments.
“This is huge for all the unbanked people across the world,” Mr. Serrano said. Most payments online are made with credit cards, but many people in the developing world don’t have them, the Argentina-based co-founder explained.