Payment provider PayU is pushing crypto adoption via Celo
The DeFi project Celo announces another prominent partnership. With PayU, one of the largest online payment service providers in the world is coming to the blockchain.
The online payment provider for emerging markets, “PayU”, is setting another example for global crypto adoption. According to a press release, the Dutch company is cooperating with the DeFi project Celo. At the same time, PayU acquires CELO-Coins in a previously unknown amount. In addition, together with First DAG and the Celo Alliance, stablecoin payments with cUSD are possible. A total of 450,000 dealers should benefit from the integration.
The overarching goal of the cooperation is to provide people in emerging countries who are undersupplied by traditional financial institutions with easier transaction processing for everyday goods and services. So far, PayU is active in over 50 markets in Latin America, Africa, Europe and Asia. It is no coincidence that the choice fell on the Celo Blockchain. The DeFi project is working on a mobile payment solution for customers who live in underdeveloped financial structures.
Stablecoins were particularly well suited to these high-growth markets as they provide access to US dollar and euro-backed digital assets that are protected from the volatility of some fiat currencies and cryptocurrencies in general, PayU said in the press release. Indeed, there is already a trend towards more crypto adoption in Africa, for example. Some African countries suffer from severe currency devaluations and instability. Citizens’ savings will decrease as a result. Many Africans encounter these problems with cryptocurrencies. By transferring digital currencies via crypto exchanges, they can circumvent the deficits of fiat volatility.
The partnership with Celo is in line with PayU’s vision, says CEO Mario Shiliashki.
This step is in line with our vision of a world without financial boundaries where everyone can be successful. We strive to provide merchants and their customers with the latest payment solutions. This claim has led us to invest in CELO and buy tokens, in addition to integrating the stablecoin offering for our customers and partners.
Mario Shiliashki PayU CEO
Celo is multi-track
PayU is actually just the latest in a series of collaborations. So Celo got the focus of media attention only a month ago when the DeFi project with the Telekom subsidiary T-Systems MMS and Andreessen Horowitz was able to land two top-class players. Both hooked up to the Celo blockchain as validators, making the proof-of-stake-based network more secure.
In order to make its contribution to the “Internet of Values”, Celo wants to decentralize payments. The network runs via proof-of-stake. With the associated app, users can conveniently carry out crypto transactions via mobile phone. The app can be installed on any standard smartphone and comes with its own wallet.