Paymentology has announced a partnership with Rain, a spend management platform that specialises in catering to international companies and companies in the digital asset and Web3 space.
Paymentology has a pre-existing relationship as Rain’s issuer processing partner, and its cloud-first card issuing and analytics platform is powering Rain’s physical and virtual Visa credit cards, playing a role in enabling the integration of digital assets within the fiat ecosystem.
Through this strategic partnership, Rain aims to empower businesses with interoperability, offering an industry-first solution that allows companies to instantly spend their digital assets.
This process is made possible via Rain’s settlement technology and on-chain infrastructure, in conjunction with the support of Paymentology’s next-generation solutions.
Farooq Malik, Co-Founder of Rain, commented: “At Rain, we take immense pride in being the pioneers of a solution that combines on-chain infrastructure and interoperability with fiat rails for the digital asset ecosystem.
“Our collaboration with Paymentology has enabled us to service some of the largest teams within the Web3 ecosystem. With the support of Paymentology’s reliable solutions, we’re excited to offer our solutions to our valued customers.”
The collaboration has been hailed as a first for the fintech industry with the launch of a new payment solution for digital asset businesses throughout the Caribbean and Latin America.
Initially focusing on the Latin America and Caribbean (LAC) regions, Rain intends to expand further afield into other regions, through Paymentology’s API-first approach, which enables global expansion.
This announcement comes as the crypto market continues to surge, with Latin America experiencing a boom in digital currency adoption.
In 2022, Latin America accounted for 9.1% of the global crypto value received, amounting to $562bn between July 2021 and June 2022, marking a 40% growth during this period.
Alejandro Del Rio, Regional Director for Latam at Paymentology, added: “With around 70% of the population in Latin America considered unbanked or underbanked, it comes as no surprise that crypto adoption has surged in this region.
“We are delighted to achieve this industry-first milestone with Rain, and we look forward to achieving many more milestones for the Latam fintech industry, and beyond.”
