An estimated 3 billion underbanked people across the globe will get access to cryptocurrencies.

Tala, a personal finance app and financial services provider active in emerging economies, and Visa (NYSE: V) will collaborate to bring cryptocurrencies, such as the USDC stablecoin, to underbanked people across the world. (Finextra)

Tala has provided more than $2 billion in credit to over six million customers in countries such as Mexico, the Philippines, Kenya, and India. It provides microloans ranging microloans, ranging from $10 to $500, through a smartphone app, regardless of their credit record.

Through the tie-up with Visa and additional partnerships with Circle and the Stellar Development Foundation, these people could have Tala’s digital wallets that contain USDC. The stablecoin could then be used for payments to any of the 70 million merchants worldwide that accept Visa, for cross-border money transfers and conversion to fiat or vice versa.

A key benefit for the users of the USDC wallets would be cheaper and faster remittances in their home countries.

It may be recalled that in March card giant Visa announced plans to accept the cryptocurrency USD Coin (USDC) for payment settlement on its global network later this year.

Tala: Financial access for the underserved

Shivani Siroya, Tala’s CEO and founder, said: “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 six million global customers but for the billions more who can benefit.”

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