Worldpay collaborates with BVNK for stablecoin disbursements
Worldpay and BVNK Partner to Pilot Stablecoin Payout Service
The world of digital payments is witnessing a surge in the adoption of stablecoins, and the latest development comes from Worldpay and BVNK. The two companies are collaborating to pilot a stablecoin payout service for merchants, targeting a rollout in the second half of 2025.
The collaboration between Worldpay and BVNK reflects the broader momentum in stablecoin infrastructure. This move towards stablecoins is not new for Worldpay, as the company has been operating nodes on more than one semi-permissionless blockchain, including Korea's Klaytn (now merged to form Kaia).
Worldpay, a global leader in card acceptance services, processes $2.3 trillion in payments annually for over a million merchants worldwide. The company started supporting merchants receiving settlement using the USDC stablecoin in 2022, and this new initiative is set to expand the scope of stablecoin settlements.
BVNK, a company focused on enabling stablecoin infrastructure for enterprises globally, is at the forefront of this development. The company's partnership with Worldpay is a testament to its expanding role in embedding stablecoin payments into traditional finance systems.
The pilot phase of this service will integrate into Worldpay’s existing payment infrastructure without requiring merchants to directly handle cryptocurrencies. Instead, BVNK's embedded wallet system will handle the stablecoins on behalf of the merchants.
This collaboration leverages a unified compliance platform that allows businesses to make payments in either fiat or stablecoins, with consistent anti-fraud and AML oversight. This streamlined regulatory requirement, coupled with operational flexibility, is a significant step towards making stablecoin payments more accessible for businesses.
John McNaught, SVP, Head of payouts at Worldpay, expressed his excitement about delivering innovative payout solutions. He believes that this collaboration will enable merchants across various sectors, such as marketplaces, travel, and gaming, to receive payouts in stablecoins, facilitating faster and potentially less costly cross-border payments.
In addition to this partnership, BVNK recently announced a partnership with Visa, with Visa investing €2 million ($2.27m) in March. This investment values BVNK at around $625 million. Meanwhile, infrastructure firms such as BVNK are attracting significant investment, with OpenFX coming out of stealth yesterday and announcing a $23 million funding.
As the stablecoin landscape continues to evolve, partnerships like the one between Worldpay and BVNK are poised to reshape cross-border payments, making them faster, cheaper, and more accessible for businesses worldwide.
- The collaboration between Worldpay and BVNK, as part of a broader momentum in stablecoin infrastructure, is set to provide merchants with valuable insights into the benefits of stablecoin payouts, as they aim to expand the scope of stablecoin settlements.
- The technology behind this stablecoin payout service, enabled by BVNK's embedded wallet system, is a testament to the growing influence of blockchain technology in the finance industry, as it allows businesses to make seamless payments, both in fiat currencies and stablecoins, with consistent compliance and regulatory oversight.
- The stablecoin landscape, marked by significant investment in infrastructure firms and strategic partnerships like the one between Worldpay and BVNK, is poised to revolutionize the finance industry, potentially offering faster, cheaper, and more accessible cross-border payment solutions for businesses globally.
