Johannesburg — Mastercard and Yellow Card have announced a partnership to expand stablecoin-based payment solutions across Eastern Europe, the Middle East and Africa, including Kenya.
The two firms said they will explore the use of stablecoins in cross-border money transfers, business-to-business payments, digital loyalty programmes and treasury management.
The partnership will initially focus on markets including Kenya, Ghana, Nigeria, South Africa and the United Arab Emirates.
According to the companies, the collaboration aims to help banks and financial institutions develop secure and compliant digital payment systems using blockchain technology.
Chris Maurice said the partnership will improve access to affordable cross-border payment solutions in emerging markets.
Mastercard said the initiative will also focus on strengthening digital asset payment security through Mastercard Crypto Credential technology.
Mete Güney said stablecoins are becoming an important option in digital payments and could improve efficiency in trade and settlements.
The partnership comes amid growing interest in blockchain-based financial services and increasing adoption of stablecoins in emerging markets.