This archive report was first published on 21 July 2021.
On July 21, 2021, PayU, the payments and fintech business of Prosus, announced its collaboration with Celo, a mobile-first, open-source blockchain ecosystem focused on making DeFi accessible to anyone with a smartphone.
As part of this collaboration, PayU has purchased CELO, the utility and governance token for the Celo community, and partnered with payment infrastructure company First DAG and Celo's Alliance For Prosperity to offer stablecoin payments.
With this integration, almost half a million of PayU's merchants will be able to accept Celo's stablecoin, cUSD, opening the doors for millions of people in emerging markets who are underserved by traditional financial institutions to easily pay for groceries, subscription services, and retail goods at participating merchants.
PayU's current merchant list spans major online marketplaces and retailers, and the company is one of the world's leading online payment service providers, operating in more than 50 markets, supporting over 450,000 merchants and millions of customers across Latin America, Africa, Europe, and Asia.
Stablecoins are particularly well-suited for high-growth markets like these because they provide access to USD and EUR-backed digital assets that are protected from the volatility of some fiat currencies and of cryptocurrencies more broadly.
According to Mario Shiliashki, CEO of PayU Global Payments Organisation,
