As financial inclusion becomes increasingly important, MoonPay and Airtm have teamed up to address the gap in Latin America that has seen around 90% of small and medium-sized enterprises in the region experience difficulties accessing credit facilities.
MoonPay, a web3 infrastructure firm, is collaborating with Airtm to facilitate the adoption of web3 among the digital community in Latin America. Airtm’s vast network and strong presence in the region will aid in the onboarding process.
The Need for Financial Inclusion in Latin America
The World Bank reports that just 54% of Latin America’s population holds bank accounts. This leaves over 200 million individuals outside the conventional banking system, a substantial number of whom are small business proprietors, freelancers, and entrepreneurs. These groups often encounter challenges in obtaining credit facilities.
To tackle this issue, Airtm, a company based in Latin America, aims to link its users to a broadened network of worldwide payment options, such as Google Pay, Apple Pay, European and UK banks, as well as debit and credit cards across 150 nations. Airtm asserts that it is the “most globally connected digital dollar account” available.
Empowering Digital Entrepreneurs
This collaboration enables Airtm users to access MoonPay’s extensive network of worldwide payment options, providing them with additional means to access such services. This empowers freelancers and entrepreneurs in the region with the necessary tools to thrive in the global markets.
Rubén Galindo, CEO, and co-founder of Airtm, highlighted the importance of the partnership in empowering digital entrepreneurs worldwide, saying, “Digital entrepreneurs worldwide are often hindered by a lack of financial security and stability, which affects their ability to take control of their finances and succeed in the online marketplace.”
Galindo highlighted that the integration of MoonPay with Airtm aims to empower entrepreneurs by granting them enhanced access to financial security and stability through internet connectivity.
The Vision for the Future of Global Payments
According to Bree Blazak, the Vice President of Partnerships at MoonPay, this partnership represents a global payments revolution that will eventually overcome the restrictions of geographical boundaries. Blazak said, “In the future, our postal code won’t define our identity or limit our accomplishments.”
The Partnership’s Goals
Airtm, established in 2015, operates in over 190 countries, offering more than 400 payment methods. The partnership with MoonPay aims to develop new products for both platforms and promote financial stability in their global networks.
MoonPay has recently engaged in several fintech partnerships with web3 companies, such as LooksRare and Magic Eden, enabling NFT traders to buy digital collectibles via debit and credit cards.
Conclusion
The MoonPay and Airtm partnership is a significant step in addressing the financial inclusion gap in Latin America. The partnership aims to empower freelancers and entrepreneurs in the region by providing them with access to financial security and stability through the use of web3 infrastructure.
The integration of MoonPay’s global payment methods with Airtm’s extensive network in Latin America will provide digital entrepreneurs with a broader range of financial tools and options, enabling them to excel in the global market.
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