dLocal and USI Money Partner to Streamline Cross-Border Payments in Asia and Africa
The partnership expands disbursement capabilities across multiple markets, providing fast and cost-effective cross-border payment solutions.
Montevideo, Uruguay, October 22nd, 2024 - dLocal, the leading cross-border payment platform specializing in emerging markets, today announced its strategic partnership with USI Money, a prominent foreign exchange provider and money transfer operator.
The Financial Stability Board highlights that high costs, slow speeds, and limited access are significant challenges in cross-border payments, particularly in emerging markets. Notably, over 40% of transactions take more than a day to settle, causing delays in fund availability (FSB, 2023). Additionally, 65% of consumers prioritize instant transactions, but many are dissatisfied with the slow processing times and inefficiencies of traditional payment systems (Signals of the Future of Payments (2023).
Through this partnership, USI Money and dLocal will enable seamless cross-border transactions by facilitating direct transfers into bank accounts and digital wallets such as Bkash and Nagad in Bangladesh, M-Pesa and Airtel in Kenya and Uganda, and UPI in India. This solution prioritizes efficiency, ensuring competitive rates and fast processing times. By creating a secure environment for users to conduct their financial transactions, this collaboration effectively tackles the challenges of high costs, slow speeds, and limited accessibility in cross-border payments.
“By joining forces with dLocal, we can leverage their innovative technology and extensive network to enhance our service offerings across Asia and Africa,” said Sohail SVP Business Development EMEA at USI Money. “Together, we are dedicated to ensuring that users can access their funds quickly and affordably, fundamentally improving the cross-border payment experience in these high-growth regions.
“This partnership underscores our commitment to emerging markets and enables us to facilitate fast and secure cross-border transactions, enhancing accessibility in today’s financial landscape,” said Agustin Botta, Head of EMEA at dLocal. “By empowering USI Money with innovative solutions, we are collectively addressing the global challenges of cross-border payments and making significant strides in overcoming the barriers that users face.”
About USI Money
USI Money is a premier cross-border payment service provider that specializes in offering comprehensive financial solutions for individuals and businesses across various markets. Committed to innovation, USI Money leverages cutting-edge technology to ensure secure, efficient, and cost-effective payment options for its users. For more information, please visit https://www.usimoney.com/
About dLocal
dLocal powers local payments in high-growth markets, connecting global enterprise merchants with billions of high-growth market consumers across Africa, Asia, and Latin America. Through the "One dLocal" concept (one direct API, one platform, and one contract), global companies can accept payments, send payouts, and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market. For more information, please visit https://www.dlocal.com/
