Block's TBD Partners With Yellow Card To Enable Global Payments in 16 African Countries
Block’s TBD announced a partnership with Yellow Card to unlock a network of global fiat on- and off-ramps that bridge traditional payments rails to stablecoins and bitcoin.
Yellow Card will be one of TBD’s first partners to enable global payments and fiat off-ramps for end consumers to send U.S. dollars (USD), stablecoins, or bitcoin and receive payments in local fiat currencies.
Yellow Card offers payments via stablecoins and bitcoin to banks and mobile money operators in 16 countries across Africa. It is currently serving users in Kenya, Rwanda, Tanzania, Uganda, Ivory Coast, Ghana, Nigeria, Senegal, Cameroon, Democratic Republic of the Congo, Republic of Congo, Gabon, Botswana, Malawi, South Africa, and Zambia.
"Senders are able to initiate a remittance in USD and their intended recipient is able to receive local fiat currency in [real time] into bank accounts or mobile money wallets, such as M-PESA and MTN."
"In the background, TBD converts the USD into bitcoin or stablecoin, and works with a network of partners to create liquidity between digital assets and local fiat currencies."
"Alternatively, recipients may choose to forgo conversion into local currency and hold their value in bitcoin or USD stablecoins. When the holder of digital assets seeks to off-ramp into local currency (e.g., in order to pay rent or purchase food), TBD facilitates these exchanges via its fiat off-ramps."