Latin American small and medium-sized enterprises (SMEs) now have easier access to credit and funding thanks to an alliance between the credit card company Visa and the cryptocurrency payment platform Tribal Credit.
Credit cards will be issued in local currencies and denominations throughout Latin America as a result of this agreement with Visa. Among the other countries mentioned here are Mexico and Brazil. Customers in Latin America can now only use Tribal’s credit service in Colombia, Peru, and Chile.
This Visa relationship is primarily focused on traditional finance alternatives for small businesses of all kinds. Businesses may accept bitcoin payments and move funds using Tribal’s blockchain and cryptocurrency payment infrastructure.
In the past, Tribal has worked with a large financial technology company. The Stellar Development Foundation and Bitso established cooperation in December of 2021. With the help of Stellar’s USD stablecoin, an enterprise-grade, borderless payment service was created.
For this reason, the organization has established a blockchain interoperability initiative for digital payments to facilitate the transfer of digital assets across chains.
- With the help of Tribal Credit and Visa, Latin American small businesses will have more options for obtaining capital and credit.
- It is expected that business credit cards throughout Latin America would be issued in local currencies and denominations by the alliance.
- This is the second time Tribal has worked with Bitso and the Stellar Development Foundation, following their partnership in 2021.
Over 200 nations and territories are served by Visa Inc. (Visa). The company’s electronic payment services assist customers, businesses, financial institutions, and governments alike. This network serves as the hub for the entire authorization, clearance, and settlement process.