Money lending company Tala utilizes Visa for Stablecoin payments.
Tala wants to provide financial services to those who are in the underserved communities. This is through the help of Stablecoin Payments
A company that provides financial services to communities without accessing the banks. Tala announced a partnership with Visa about payments via USD Coin.
USD Coin, or USDC, is stablecoin. It is a type cryptocurrency that is proposed to match the value of a fiat currency. Stablecoins will let you keep money in crypto without dealing with the volatility of certain assets.
Tala also works together with Circle and Stellar, and plans to launch a digital wallet for USDC in its app. Circle is the company that is working behind USDC, and Stellar operates a blockchain it runs.
The wallet could potentially be connected to a debit card, offered via Visa. Which can give the customers “a seamless way to spend against their USDC balance at any of the 70 million merchants worldwide that accept Visa.” The users can pay in USDC, and the crypto will be converted to fiat money by the moment of purchase.
Now, the company hasn’t yet announced any concrete plans on issuing a card. A spokesperson from Visa stated that;
“Tala isn’t announcing or launching a card program just yet, but the vision underpinning the agreement is to enable Tala customers to receive USDC, for example from a family overseas, directly to their Tala wallet.”
“They could store their USDC in their Tala wallet as a form of savings, or seamlessly spend it through a linked Visa card,” she continued.
Visa’s Stablecoin Plans
Visa is now getting involved with Circle and USDC in the last few months. The companies announced a formal partnership last December. Since then, it has been toying with USDC-settled transactions on Visa’s payment network.
Last month, the CEO of Visa Al Kelly stated that the company is “leaning into [crypto] in a very, very big way.”
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