Alongside VISA, Tala, and Circle, one of the companies behind USDC, the cooperation aims to provide access to digital assets in emerging markets. Initially, Tala will enable unbanked users to access this stablecoin in a digital wallet.
Thus, they will be able to make cross-border transactions and access fiat to crypto services. In addition, Visa will issue cards with funds linked to the wallet. In doing so, these users will have the capacity to spend their crypto balance in over 70 million merchants around the world.
Visa has doubled down on their crypto strategy in 2021 and seems like more integrations are to come. The company is exploring new ways to leverage digital assets in its payment platform. The head of Visa’s crypto department, Cuy Sheffield, said the following:
“(…) we’ve been really interested to see how they could have the potential to help consumers in markets where they don’t have great access to financial services.”
Shivani Siroya, Tala’s CEO, claimed that their main goal is for people to send remittances at a low cost. The Santa Monica-based company has clients in Mexico, Kenya, India, and other countries in the Asian continent. The cooperation with the SDF, Visa, and Circle is Tala’s first jump into the crypto space. SDF’S CEO, Denelle Dixon, said the following on the cooperation:
“By working with innovators like Tala mobile, Visa, Circle who share our vision that financial inclusion is a right, not a privilege, we can bring the benefits of tech to emerging markets & take a step closer to our mission of equitable access to the global financial system!”