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 (Mastercard Insights: 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.”
