Issuer-processor Paymentology collaborates with spend management platform Rain to introduce a novel payment solution tailored for digital asset businesses operating in the Caribbean and Latin America (LATAM).
Rain: Facilitating Web3 Entities
Established in 2021, Rain serves as a platform for Web3 entities, catering to their unique governance and operational requirements while facilitating fiat interoperability and merchant payment acceptance worldwide.
Paymentology’s Role
Paymentology serves as Rain’s issuer processing partner, leveraging its cloud-based card issuing and analytics platform to empower Rain’s physical and virtual Visa credit cards. These cards play a crucial role in integrating digital assets into the fiat ecosystem.
Strategic Partnership Benefits
Through this collaboration, Rain empowers businesses with genuine interoperability, providing a solution that enables instant spending of digital assets. This achievement is facilitated by Rain’s settlement technology and on-chain infrastructure, coupled with the support of Paymentology’s advanced solutions.
Expansion Plans
Initially targeting the Latin America and Caribbean (LAC) region, Rain aims to expand its services globally, leveraging Paymentology’s API-first approach, which facilitates seamless global expansion. Rain aspires to establish itself as the primary spend management platform for Web3 teams worldwide.
Digital Currency Adoption in LATAM
This partnership announcement coincides with the ongoing surge in the crypto market, particularly in Latin America, where digital currency adoption has witnessed unprecedented growth. In 2022, Latin America accounted for 9.1% of the global crypto value received, totaling USD 562 billion between July 2021 and June 2022, marking a remarkable 40% increase during this period.
Rain and Paymentology’s Vision
Rain officials emphasize that their solution combines on-chain infrastructure and interoperability with fiat rails to cater to the digital asset ecosystem’s needs. Their collaboration with Paymentology enables them to serve some of the largest teams within the Web3 ecosystem. With the support of Paymentology’s reliable solutions, they are pleased to offer their services to valued customers.
Paymentology’s Perspective
Commenting on the partnership, Paymentology’s team acknowledges the significant proportion of the Latin American population classified as unbanked or underbanked, contributing to the region’s robust crypto adoption. They express satisfaction in partnering with Rain and anticipate achieving numerous milestones for the LATAM fintech industry and beyond.
Through their strategic alliance, Rain and Paymentology aim to revolutionize payment solutions for digital asset businesses, catering to the evolving needs of the Caribbean, LATAM, and global markets.