The leading personal finance app, Tala, will work with Visa and Circle to fund the global population with few cryptocurrency-backed banks.
As the number of people without a bank continues to increase, Tala has partnered with Visa to integrate several individuals who do not have access to basic financial services in cryptoeconomics.
Announcing change in a press release yesterday, Tala partnered with the Stellar Development Foundation (SDF) and the popular stablecoin issuer, Circle, for the project.
With the initiative, people without a bank will be able to buy, sell and store the USDC stablecoin, “with efforts being made to add other cryptocurrencies”Says the ad.
Tala noted that the purchased USDC will be stored in his digital wallet, which would create an easy path to conversion into other cryptocurrencies or fiats.
With Visa on the team, non-bankers will have access to the payment provider’s credit card, giving participants a better way to spend USDC on more than 70 million global merchants who accept Visa cards.
Tala prepared to solve financial problems
Commenting on the change, Shivani Siroya, CEO and founder of Tala, said the company has focused on using disruptive technology like blockchain to solve global problems of financial inclusion.
“Digital currencies have tremendous potential to radically open financial access and put more control directly in the hands of people with few and underestimated banks,” added the CEO.
Tala is popularly known as a lending platform that provides the population with few banks with access to basic financial services.
Since its launch, the credit company has provided up to $ 2 billion in credit to some six million people in several countries, such as the Philippines, Kenya, Mexico, and the company has recently established its presence in India.
Visa in favor of non-banks
The development comes two months after Visa announced it would settle transactions on the dollar-pegged stablecoins, USDC.
This is not the first time that Visa has used digital currencies as a necessary financial instrument that will guarantee access to basic financial services for the population with few banks.
In December last year, the American payments technology multinational published a report stating that it has the capacity to develop a Central Bank Digital Currency (CBDC) that works offline.
Visa opined that CBDCs cannot reach their full potential, which includes providing citizens with insufficient access to financial services if they cannot be used without the internet.
“Digital currencies like the USDC have the potential to extend the value of digital payments to more people and places,” said Cuy Sheffield, head of crypto at Visa, in today’s announcement.