On Wednesday, May 5, fintech startup Tala announced its partnership with payments giant Visa. The two companies are working together on building cryptocurrency payment solutions for emerging markets.
As per the official announcement, other popular companies from the crypto space and also joining them in this effort. This includes big names like Circle and the Stellar Development Foundation. With Tala taking the lead, these companies will also work together in making it easier for the underbanked users to “convert, store, and use” digital assets.
Tala will start with the use of the USDC stablecoin, a USD-pegged cryptocurrency controlled by the Centre Consortium. The number of USDC in circulation has shot up significantly over the last year. This regulated dollar crypto has seen 1000% growth YoY with more than 13B USDC in circulation.
Tala notes that leveraging the wide use of USDC in cross-border B2B payments and remittances, it will work on creating “efficient and equitable finance tools” for the underbanked. Since Tala has announced its integration with Circle and Stellar, its customers will get access to USDC in Tala’s digital wallet. Speaking about the development, Shivani Siroya, Tala’s CEO and Founder said:
“Since our start seven years ago, Tala has been a leader in leveraging data and next generation mobile technology to solve the seemingly intractable problem of financial inclusion. Digital currencies have tremendous potential to radically open financial access and put more control directly into the hands of underbanked and underestimated people. We couldn’t be more excited that Visa, Circle, and the Stellar Development Foundation share our vision and want to work on a solution, not only for Tala’s 6 million global customers but for the billions more who can benefit.”
Tala Is Working with Visa Massive Payments Ecosystem
The great is that Tala has joined hands with payments giant VISA for this project. Considering VISA’s massive reach in the global payments ecosystem, this is a big plus. With this partnership, Tala will be able to integrate Visa cards linked to its native digital wallets. This will allow customers to seamlessly spend their USDC stablecoins across 70 million global merchants accepting VISA. Cuy Sheffield, Visa’s Head of Crypto said:
“Digital currencies like USDC have the potential to extend the value of digital payments to a greater number of people and places. We’re excited to partner with Tala’s global team to bring the benefits of the crypto economy to the populations that need it most.”
Tala’s initiative of leveraging the crypto power is a big positive in reaching markets devoid of proper digital banking infrastructure.