Visa Teams up With Tala to Drive Crypto Adoption Among the Underbankedby Fintechnews Switzerland May 6, 2021
Tala, a digital financial services provider in emerging markets, announced a new partnership with Visa to help underbanked populations participate in the crypto economy.
Together with additional partners Circle and the Stellar Development Foundation, Tala will explore opportunities to make it easier for underbanked consumers to convert, store, and use crypto currencies, beginning with USDC, the stablecoin governed by the Centre Consortium.
USDC is a fully reserved and regulated dollar digital currency that has seen more than 1,000% year-over-year growth and now has more than $13 bilion in circulation.
New use cases have continued to emerge around USDC, including cross border B2B payments and remittances.
But these uses represent only a portion of what USDC and other crypto solutions can offer to the estimated 3 billion people globally who are poorly served by the formal economy.
Tala and its partners want to advance a core promise of digital currency ecosystems by delivering more efficient and equitable financial tools to people who are currently excluded from traditional financial services.
Through Tala’s integration with Circle and Stellar, Tala customers will have access to USDC in Tala’s digital wallet, enabling secure and stable storage of money, fast and affordable cross-border money transfers, and easy exchange into other digital assets or local fiat.
Tala’s partnership with Visa will enable Tala to offer Visa cards linked to Tala’s digital wallet, giving customers a seamless way to spend against their USDC balance at any of the 70 million merchants worldwide that accept Visa.
“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.”
said Shivani Siroya, Tala’s CEO and Founder.
“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.”
said Cuy Sheffield, Visa’s Head of Crypto.