Popular payments company, PayU, has partnered with decentralized payments protocol, Celo, to launch a new crypto payment option. The partnership will allow more than 450,000 merchant customers of PayU to transact using Celo’s dollar stablecoin, cUSD.
The collaboration had begun with PayU’s purchase of a large amount of CELO, the Celo blockchain’s native governance and utility blockchain. For smooth use of the blockchain infrastructure, PayU is also collaborating with First DAG, an infrastructure firm. The firm has a service that creates a bridge between merchants and their banks.
According to PayU’s Global Payments Organisation CEO, Mario Shiliashki, it is important to allow customers and merchants the option of new payment solutions even as crypto transaction and trading become more popular. The CEO said:
“Working with First DAG 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.”
Celo currently runs an Alliance for Prosperity to “create a more prosperous world with mission-aligned organizations.” The alliance currently has more than 150 like-minded organizations, including big names like Deutsche Telekom, Andreesen Horowitz, and Coinbase. First DAG and PayU are now part of the alliance.
According to the head of the alliance, Chuck Kimble, the ecosystem shared by Celo, PayU, and First DAG, will help to democratize global access to money.
Image Credits: Pixabay
