PayPal will enable its disbursement partners to use PayPal USD for settling cross-border money transfers.
According to a November 19 2024 press release, the new service will be available through PayPal’s Xoom cross-border payments platform.
Africa’s Yellow Card, and
Philippines-based financial services provider, Cebuana Lhuillier
are the first to adopt the service.
“Cross-border transactions are an important driver for economic growth and prosperity in developing countries,” Jose Fernandez da Ponte, PayPal senior vice president of blockchain, cryptocurrency and digital currencies, said in the release.
“With this step, Xoom and its partners, like Cebuana Lhuillier and Yellow Card, will be able to leverage PayPal’s payment technologies and the blockchain to further enable seamless money transfers across borders.”
PayPal integrated with Yellow Card in 2023, per the release, making it the first Fintech in Africa to list PYUSD, the stablecoin PayPal rolled out in 2023.
LAUNCH | PayPal Launches Dollar-Backed Stablecoin, PayPal USD ( $PYUSD ), on the Ethereum Blockchain
As an ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3… pic.twitter.com/j6tE4xWSkT
— BitKE (@BitcoinKE) August 8, 2023
“We are thrilled to partner with Xoom to support money transfers made by PayPal customers across the African continent and rising world,” Yellow Card CEO and Co-founder, Chris Maurice, said in the release.
“PayPal understands that stablecoins like PYUSD are changing the payments landscape, and by integrating our technology, they will be able to move money in the most effective way possible thanks to our stablecoin and payments infrastructure.”
Earlier this year [2024], Xoom introduced the ability for users to transact with PYUSD, enabling customers in the United States to convert stablecoins from their linked PayPal Cryptocurrency Hub into U.S. dollars to fund transactions for recipients in nearly 160 countries.
Launched in South Africa in 2020, Yellow Card has processed over $3 billion in transactions and now operates in 20 countries across the continent quickly becoming the leading provider of stablecoin infrastructure in Africa.
Stablecoin adoption is rapidly increasing across Africa, with sub-Saharan Africa leading the world at a 9.2% adoption rate.
In South Africa, where there are an estimated 5.8 million crypto asset users, stablecoins have grown by 50% month-over-month since October 2023, surpassing Bitcoin as the country’s most popular cryptocurrency.
Yellow Card also just acquired a Category I Crypto Asset Service Provider (CASP) license by the Financial Sector Conduct Authority (FSCA) in South Africa, signlaing its continued expansion on the continent.
REGULATION | African Stablecoin On/Off Ramp, @yellowcard_app, Secures Category 1 Crypto Asset Service Provider Licence in South Africa
A CAT I license is the standard for a CASP in South Africa to provide advice or exchange services to its customers.https://t.co/6s8jSjVg3P pic.twitter.com/0fSP1mG8cb
— BitKE (@BitcoinKE) November 20, 2024
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