Paymentology and Rain Forge Innovative Payment Solution for Latin America and the Caribbean's Digital Asset Businesses
April 4, 2024

Global issuer-processor Paymentology has teamed up with Rain, a corporate spend management platform that specialises in catering to international companies and companies in the digital asset and Web3 space.

Paymentology is now Rain’s issuer processing partner, and its cloud-first card issuing and analytics platform is powering Rain’s physical and virtual Visa® credit cards. These cards play a key role in enabling the integration of digital assets within the fiat ecosystem.

Founded in 2021, Rain is designed to accommodate the unique governance and operation models of Web3 teams while allowing them to take advantage of fiat interoperability and payment acceptance at merchants across the globe.

Through this strategic partnership, Rain empowers businesses with true interoperability, offering an industry first solution that allows companies to instantly spend their digital assets. This is made possible by Rain’s settlement technology and on-chain infrastructure, in conjunction with the support of Paymentology’s proven next-generation solutions.

Initially focusing on the Latin America and Caribbean (LAC) region, Rain intends to expand further afield into other regions, thanks to Paymentology’s API-first approach, which enables global expansion. Rain’s vision is to become the go to spend management platform for Web3 teams worldwide.

Latin America is experiencing a boom in digital currency adoption. In 2022, Latin America accounted for 9.1 per cent of the global crypto value received, amounting to $562billion between July 2021 and June 2022, marking an impressive 40% growth during this period.

Alejandro Del Rio, regional director for Latam at Paymentology, commented: “With around 70 per cent of the population in Latin America considered unbanked or underbanked, it comes as no surprise that crypto adoption has surged in this region. We are delighted to achieve this industry-first milestone with Rain, and we look forward to achieving many more milestones for the Latam fintech industry, and beyond.”

While, Farooq Malik, co-founder of Rain, also added: "At Rain, we take immense pride in being the pioneers of a solution that combines on-chain infrastructure and interoperability with fiat rails for the digital asset ecosystem. Our collaboration with Paymentology has enabled us to service some of the largest teams within the Web3 ecosystem. With the support of Paymentology's reliable solutions, we’re excited to offer our solutions to our valued customers."

 

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