Financial services giant Visa, the Stellar Development Foundation and payments technology company Circle have partnered with California-based fintech firm Tala to boost cryptocurrency adoption in emerging markets, according to a report. to announce Released today May 5th.

Shivani Seroya, CEO of Tala, stated that cryptocurrencies have the potential to solve the problem of financial inclusion, and added:

We couldn’t be more excited that Visa, Circle and Stellar share our vision and we want to work on a workable solution, not only for Tala’s 6 million global customers but billions of others who can benefit as well.

Through the new partnership, Tala customers will be able to use the stablecoin (USDC) to make cross-border payments and purchase other digital currencies.

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Visa will also issue cards that allow for stable digital currency (USDC) spending at tens of millions of supported merchants.

Small loans for non-banks:

According to data provided by the World Bank, more than 1.7 billion adults worldwide are still without bank accounts.

Tala was launched in 2014 to offer micro loans without collateral to people without access to a bank account, in countries such as Tanzania, Mexico, Kenya and India.

During these years, the company loaned money to more than four million clients.

Instead of credit history, Tala relies on mobile phone usage data (SMS receipts, call length, etc.) to determine the level of risk with the help of its machine learning algorithms.

It usually takes just one minute for the loan to be approved.

In 2019, Tala’s valuation rose to $750 million after closing a $110 million funding round, in which PayPal was among the participants.

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