The Celo ecosystem is growing! We’re excited to share that PayU, one of the largest payment providers for emerging markets, is making a significant purchase of the Celo native digital asset (CELO) — its first purchase of this kind — and joining the Celo Alliance for Prosperity. Starting in the fall, PayU is also giving its nearly half a million merchants the ability to accept Celo’s stablecoin, cUSD, as a payment option. We’re thrilled that PayU chose cUSD for its payment processing solution. This integration with cUSD is just the start and opens up opportunities for merchants to accept cEUR and other stablecoins as a form of payment in the near future.
Digital Currencies Democratize Access to Financial Services
With PayU’s 450,000 merchants and millions of customers in high-growth markets — such as Latin America, Africa, and Southeast Asia — having a decentralized, over-collateralized algorithmic stablecoin provides access to USD and EUR-backed digital assets that are insulated from the volatility of some fiat currencies and cryptocurrencies more broadly. It also provides more flexibility: other networks require users to hold the native token for transactions, whereas merchants and customers don’t need to hold Celo’s native digital asset (CELO) in order to transact or accept cUSD.
“We’re thrilled to be partnering with Celo, whose mission of delivering an open-source platform that enables anyone to build borderless applications aligns perfectly with our vision of a world without financial borders where everyone can prosper,” said Mario Shiliashki, CEO of Global Payments Organisation at PayU. “As digital transactions become the norm, it is important that we equip merchants with the latest payments solutions. Working with First Digital and Celo to offer a new payment option creates new opportunities for e-commerce merchants and creators, and will open new doors for users to transact freely.”
How it Works
Using First Digital’s platform, which acts as a middle layer between the merchant and its bank of choice, PayU’s merchants can seamlessly accept stablecoin payments without integrating additional blockchain components. First Digital’s payment platform manages the processing rail and custodial wallet in the background, so merchants can integrate stablecoins without any additional setup. Customers then simply scan a QR code and easily transact with their mobile wallet — all of which takes a few seconds to process on Celo’s blockchain. By way of this initiative, First Digital is also joining the Celo Alliance for Prosperity.
With hundreds of thousands of merchants around the world now able to easily accept digital assets, users have even more choices when it comes to paying with stablecoins. And as more PayU merchants opt in to offer cUSD as a payment option, the more we’ll start to see stablecoins move into the mainstream, bringing additional benefits — such as remittances, savings, and cross border payments — to users.
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