PayU plans stablecoin payment system through CELO tokens

Prosus investment group’s payment business extension PayU has joined a partnership with Celo, a decentralized Payment protocol provider.

The partnership between them aims to launch a new stablecoin based payments option in their payments gateway for PayU’s current 450,000 merchant customer base.

This new stablecoin payment option will use cUSD, a dollar-backed stablecoin, this new gateway will be initially serving people across Latin America, Africa, and Southeast Asia.

Thus starting on with the project, PayU has planned to purchase a significant amount of CELO token which is a utility and governance token based on the Celo blockchain.

Further PayU has also partnered with First DAG, an infrastructure service-based firm that works on a platform to bring together merchants and banks that have fewer technical procedures and issues while accepting stablecoin as a payment option.

The move comes in line with the company’s vision for a “world without financial boundaries”, said Mario Shiliashki, CEO of the Global Payment Organization in Pueblo.

He further added “As digital transactions are gaining popularity in international trades and norms, it is important to equip merchants and consumers with the latest payment solutions. Working with First DAG ​​and Celo to provide a new payment option creates new opportunities for e-commerce merchants and creators and opens new doors for consumers to make generous transactions,”

Celo maintains a decentralized, proof-of-stake blockchain, which is the basis for mobile-first payment applications.

More than 150 companies, including Andreesen Horowitz, Coinbase, and Deutsche Telekom, are members of the Celo Alliance for Prosperity, which allows collaboration on the Cello platform. and continuing today PayU and First DAG will join in their alliance.

The head of Celo Alliance for Prosperity, Chuck Kimble said that,

“This ecosystem, built with First DAG, Payu, and Cello, is a perfect example of how digital assets can work together and provide a democratized way of access to money anywhere in the world”.

According to CoinmarketCap, CELO has a market capitalization of approximately $609 million.
In February of this year, the company acquired the services of Morgan Beller as an advisor, Morgan Beller has been a former co-founder of Stablecoin Project Diem.

Read also: China’s Digital Yuan Is Expanding Their Hand in Insurance Industry