Worldpay has partnered with BVNK to facilitate nearly instant global payouts in stablecoins for its clients in the US and Europe.
This collaboration will allow Worldpay’s clients to make payouts to customers, contractors, creators, sellers, and other third-party beneficiaries in stablecoins across more than 180 markets, all without the need to manage the digital assets directly. A pilot of the service is expected to launch in the second half of the year, accessible through clients’ existing integration with Worldpay’s payouts platform.
The adoption of stablecoins is rapidly increasing, with a projection of $27 trillion in total transaction volume globally across 1.25 billion transactions in 2024, according to Visa analysis. This agreement builds on Worldpay’s prior initiatives in the stablecoin space, including the introduction of settlements in USDC for some merchants in 2022 and a pilot program with Visa to expedite fund transfers.
Jesse Hemson-Struthers, CEO of BVNK, highlights that stablecoins are transforming global cross-border payments, offering advantages such as speed, transparency, and accessibility compared to traditional financial systems, with an estimated $5.7 trillion in stablecoin payments expected in 2024. He notes that while engaging with crypto and blockchain technology can be challenging, collaborations like the one between BVNK and Worldpay can simplify this complexity, providing modern, efficient payment options on high-speed payment rails for businesses worldwide.