Visa and Tala Join Forces to Boost Cryptocurrency Adoption for Underbanked Populations

Friday 07 May 2021, 1:32 AM AEST - 1 month ago

Visa and Tala Join Forces to Boost Cryptocurrency Adoption for Underbanked Populations

Payments giant Visa and financial services provider Tala have partnered to boost cryptocurrency adoption in emerging markets. The collaboration aims to make it easier for underbanked consumers to convert, store, and use cryptocurrencies.

Visa and Tala Boosting Crypto Adoption in Emerging Markets

Visa and Tala have formed a new partnership to help underbanked populations participate in the crypto economy, Tala announced Wednesday.

Tala is a financial technology company on a mission to enable and accelerate financial health for all, its website details. The companys Android app offers instant credit and personalized financial education, the company noted, adding that it has delivered more than $2 billion in credit to more than 6 million customers across Mexico, the Philippines, Kenya, and India.

There are two additional partners for the project – Circle and the Stellar Development Foundation – that will bring the benefits of the digital currency ecosystem to emerging markets, the announcement notes, adding:

Tala will explore opportunities to make it easier for underbanked consumers to convert, store, and use cryptocurrencies, beginning with USDC, the stablecoin governed by the Centre Consortium.

The company detailed that Through Talas integration with Circle and Stellar, Tala customers will have access to USDC in Talas 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.

Furthermore, Talas partnership with Visa will enable Tala to offer Visa cards linked to Talas digital wallet, giving customers a seamless way to spend against their USDC balance at any of the 70 million merchants worldwide that accept Visa, the company clarified.

Visas head of crypto, Cuy Sheffield, commented: Digital currencies like USDC have the potential to extend the value of digital payments to a greater number of people and places. He opined:

Were excited to partner with Talas global team to bring the benefits of the crypto economy to the populations that need it most.

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