This collaboration is intended to merge dLocal’s payment processing capabilities with Uphold’s financial services to improve access to financial solutions in emerging markets. According to the World Bank's Global Findex Database 2021, only 28% of the population in Latin America has a credit card. The majority of adults in the region, between 60% and 89%, use alternative payment methods that align with local preferences, which are crucial for tapping into the market's potential.
As Uphold's Topper service extends its services into Latin America, its partnership with dLocal will enable it to provide customised alternative payment methods and support various local currencies. This includes options for bank transfers in Brazil, Mexico, Chile, and Colombia, addressing the challenges of relying on a single payment method or currency. South Africa is also targeted for expansion in 2024.
In the company press release, representatives from Uphold talked about the importance of providing access to local currencies and diverse payment methods when it comes to offering accessible financial services. Partnering with dLocal can potentially help Uphold to remove barriers and deliver a more inclusive financial experience.
In turn, officials from dLocal talked about working with Topper to introduce APMs in a dynamic and expanding industry. They also expressed their intention to expand the company’s impact and continue to provide innovative payment solutions for emerging markets.
Topper is a web3 payment tool developed by Uphold, designed to simplify fiat-to-crypto transactions with higher approval rates. It supports various digital assets and currencies and aims to increase revenue by reducing declines. Uphold is known for its innovative ‘Anything-to-Anything’ platform, and it offers seamless access to digital assets, national currencies, and precious metals through its interface. According to the company press release, Uphold ensures transparency by publishing its asset and liability data every 30 seconds.
As for dLocal, it offers local payment solutions across Africa, Asia, and Latin America, connecting global merchants with consumers in high-growth markets. The company’s ‘One dLocal’ model simplifies global payments, eliminating the need for multiple processors and integrations.
For more information about dLocal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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