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Rain and Visa Partner to Accelerate Onchain Credit Cards
In a groundbreaking move, Rain, a global card issuing platform powered by stablecoins, has announced its partnership with Visa, the world’s leading electronic payments company. This collaboration marks a significant milestone in the evolution of blockchain technology, enabling faster and more efficient credit card transactions.
According to reports, Rain has fully tokenized its credit card receivables, allowing for enhanced capital management and transparency across the system. These innovations will enable fintechs to go to market at an accelerated pace with new products, while providing consumers with seamless global payment experiences.
As part of this partnership, Visa is now able to settle transactions in USDC, a stablecoin issued by Circle, seven days a week, 365 days a year. This development enables Visa-accepting merchant locations worldwide to seamlessly process transactions without the constraints of traditional banking hours.
Rain’s innovative approach has also enabled it to reduce the need for collateral while maintaining a high level of protection for its counterparties. “By participating in Visa’s USDC settlement program, we are now able to conduct settlement 7 days a week, 365 days a year, operating outside of traditional banking hours,” said Farooq Malik, CEO & Co-founder of Rain.
Rain’s cutting-edge technology also permits the creation of closed-loop credit card receivable financing utilizing stablecoins. This groundbreaking construct has the potential to unlock credit access for underserved individuals and businesses in underdeveloped financial markets, while driving significant operational efficiencies for Rain-powered programs.
Visa’s Head of Growth Products and Partnerships, Rubail Birwadker, expressed his enthusiasm for this collaboration. “Moving money across borders has always been complex, but blockchain technology and stablecoins are helping change that,” he said. “Our work with Rain to bring payments on-chain and enable seven-day settlement is a big step towards simplifying global payments.”
Rain’s CEO & Co-founder, Farooq Malik, emphasized the potential of this partnership. “This sets a new standard for issuers and further enhances digital asset utility.”
Source: https://thebitcoinnews.com/rain-and-visa-partner-to-accelerate-onchain-credit-cards/
