In addition to a purchase of CELO, the utility and governance token for the CELO community, PayU has partnered with payment infrastructure company First DAG and CELO’s Alliance For Prosperity to offer stablecoin payments. With this integration, almost half a million of PayU’s merchants will be able to accept CELO’s stablecoin, cUSD. The move will allow people in emerging markets who are underserved by traditional financial institutions to pay for groceries, subscription services, and retail goods at participating merchants. PayU’s current merchant list spans major online marketplaces and retailers.
PayU is one of the world’s leading online payment service providers, operating in more than 50 markets, supporting over 450,000 merchants and millions of customers across Latin America, Africa, Europe, and Asia. Stablecoins are particularly well-suited for high-growth markets like these because they provide access to USD and EUR-backed digital assets that are protected from the volatility of some fiat currencies and of cryptocurrencies more broadly. High-growth market participants can easily spend, save, and send money without needing to access traditional financial institutions or volatile local fiat.
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