The Stellar Foundation has inked a new partnership with UK-based TransferTo that will see both organizations drive payments in emerging markets.
In a new release, the Stellar Foundation has confirmed a new partnership with cross-border payments processor TransferTo that will see both entities collaborate to drive mobile payments in emerging markets.
TransferTo boasts some 200 operational partners based in 70 cities around the globe, and is estimated to have processed some 100 million transactions since 2005.
In a press release, a TransferTo spokesperson elaborated that “by partnering with Stellar our goal is to trial the blockchain technology and scale our cross-border payment service to better serve our partners and reduce costs. This can enable our partners to better serve both the migrant workers sending money home and their families receiving it.”
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Presiding over the news, Lisa Nestor –Director of Partnerships at Stellar – added that “TransferTo is a leader and innovator in the remittance space, and has extensive experience and reach in emerging markets. We’re thrilled to be partnering with TransferTo to offer an expanded network for our current and future partners, as well as continue to drive greater financial inclusion for the underbanked.”
The two entities will proceed to jointly explore their combined network coverage in a bid that might well reach more than 70 countries. The partnership will pair Stellar’s distributed ledger platform with TransferTo’s cross-border mobile payments network.
Both parties have highlighted the synergy of the partnership, where both operations have targeted “real-time, secure, and low-cost transfers.”
The news is the second high-profile announcement for the Stellar network this month. Earlier in July, Stellar became the first protocol leveraging digital ledger technology to obtain a Shari’a certification for both payments and asset tokenization.
That development, coupled with a partnership with TransferTo, might well open new doors for the Stellar network in emerging markets.
At press time, Stellar trades at $0.30 USD, and is down by -10.56% over the past twenty-four hours.