Papaya Global, the global workforce management platform, has launched Banco Wallet, a new global workforce wallet designed to facilitate instant cross-border payroll payouts using stablecoin settlement.
Powered by digital asset infrastructure provider Fireblocks, the new solution aims to reach workers in over 180 countries, catering to both banked and unbanked populations.
Removing friction from global payroll
The launch addresses a persistent challenge in the global payroll sector: the friction caused by distributed workforces, multiple banking intermediaries, and slow settlement times. These factors have historically driven up costs and complexity for international companies trying to pay employees, contractors, and vendors.
With Banco Wallet, employers can move funds across borders in real time. The platform allows for payments to be made in both fiat currency and stablecoins, without requiring workers to change their existing bank accounts or wait days for international transfers to settle.
Infrastructure by Fireblocks
The wallet is built on Fireblocks’ enterprise-grade digital asset infrastructure. Fireblocks currently processes approximately 15 per cent of global institutional stablecoin volume, totaling around $40billion per quarter.
By leveraging this infrastructure, Papaya Global aims to streamline the payment process, removing the reliance on traditional banking rails that often slow down cross-border transactions.
The move signifies a growing trend of fintechs utilizing stablecoins to solve practical operational inefficiencies in traditional finance, particularly regarding speed and accessibility for a global workforce.
The post Papaya Global Partners with Fireblocks to Launch Stablecoin-Powered Workforce Wallet appeared first on The Fintech Times.
