Visa in collaboration with Tala, the financial and technology company, will deliver crypto solutions for emerging markets.
In an announcement made on Wednesday, Visa and Tala revealed they are focused on providing underbanked clients the possibility to be part of the digital currency markets. The companies are also including Circle and Stellar Development Foundation in the partnership.
They will offer access to USDC, a stablecoin pegged 1:1 to the US dollar, through Tala’s digital wallets. Visa will provide the cards needed for the payments connected to these wallets.
“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 cryptocurrencies, beginning with USDC, the stablecoin governed by the Centre Consortium.”
announcement on tala.co
Tala is an important fintech application for the global underbanked. The firm has provided over 6 million clients more than $2 billion in credit in countries like Mexico, Kenya, the Philippines, and India. This money is used for starting businesses, growing them, paying educational fees, and much more.
“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.”
Shivani Siroya, Tala’s CEO and Founder
Visa has already partnered with Crypto.com in the past and is the first major payment network to process a USD Coin payment platform based on the Ethereum blockchain.
Back in November 2018, the Crypto.com Visa Card was issued in Singapore. With time, it started to be available in the US, Canada, Europe, and the countries in Asia-Pacific. With this feature, users can trade digital currencies in the U.S. dollar, Canadian dollar, British pound, euro, Hong Kong dollar, and Singapore dollar. They can also make credit or debit transactions and ATM withdrawals.
