Fintech Startup Tala has entered into a partnership with global payments technology company; Visa. The partnership is intended to help introduce Cryptocurrencies into markets that are emerging.
Both companies when announcing the partnership, revealed that the concept behind the partnership is to ensure that access to cryptocurrencies is made much easier for consumers who are unbanked. Starting with the stablecoin; USD Coin. USD Coin is governed by the Centre Consortium and backed by the United States Dollar.
The USD Coin (more commonly known as USDC) is supported by the Ethereum blockchain, the Stellar blockchain, the Solana blockchain, and the Algorand blockchain.
Tala has so far been able to provide more than 2 Billion United States Dollars in credit to more than 6 million of its customers across Kenya, the Philippines, India, and Mexico.
Via its integration with Stellar and Circle all of the customers of Tala will be able to gain access to the USD Coins available on Tala’s digital wallet which supports transfers across borders, supports asset storage, and has crypto fiat exchange functionalities.
Tala which is a credit focused Fintech Startup’s partnership will make it possible for the company to issue out Visa cards that are linked to its wallet. This will in turn make it possible for all of Tala’s customers to be able to spend against their USD Coin balance at any of the 70 million merchants all over the world that accept Visa payments.
In December of 2020 the global payments technology company; Visa entered into a partnership with Circle to further facilitate the integration of USD Coin into the ever increasing network of Visa’s digital wallets.
The partnership between Tala and Visa is the very first significant cryptocurrency initiative by Tala. The company has in recent times grown its line of products to ensure that it provides a much more full array of financial services to consumers in developing countries.
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