PayU, one of the largest online payment service providers for emerging markets, has announced a collaboration with Celo, the African-focussed and mobile-first blockchain ecosystem, to offer the Celo stablecoin, cUSD, as a payment option to its merchants.
PayU, which processes approximately 3.2 million payments per day, supports over 450, 000 merchants and millions of customers across Africa, Latin America, and Asia.
Speaking about this collaboration, Mario Shiliashki, CEO, PayU Global Payments, said:
“This move aligns with our vision of a world without financial borders where everyone can prosper.
We strive to equip merchants and their customers with the latest payments solutions and this drive has led us to invest in CELO and purchase tokens, in addition to integrating the stablecoin offering for our clients and partners.
– CEO, PayU
To enable seamless payments via cUSD, PayU is deploying First DAG, as a procesing rail and custodial wallet between the merchants and their banks of choice, allowing them to accept cUSD without integrating additional blockchain components.
The collaboration will also see PayU and First DAG join Celo’s Alliance For Prosperity which enables collaborations among alliance members and across technology stacks while offering developers a way to build decentralized applications (dApps) on the Celo blockchain.