Earlier today PayU announced that it has become a founding member of the Libra Association, an independent not-for-profit organization, headquartered in Geneva and made up of trusted, geographically diverse companies, NGOs/multilaterals, and academic institutions. The vision for the association is to create a simple global currency and financial infrastructure that will empower billions of people.
So why have we joined this collective making up the Libra Association?
Firstly, with a particular focus on high growth markets, the Libra Association aligns perfectly with PayU’s vision of creating a world without financial borders where everyone can prosper. High growth markets often suffer from both currency volatility and disproportionate costs associated with money transfer, and therefore it is in these markets that digital currencies can have the biggest impact. We know therefore that blockchain technology has the potential to reshape the way businesses and consumers transact across growth markets, and indeed the global economy, and that the Libra Association will help deliver this change for good.
Secondly, as part of this initiative, leading global technology companies, including payment companies, consumer internet platforms and venture capital firms are coming together to drive adoption of the newly created digital currency Libra. Recent history has taught us that the success of Libra will depend to a very large extent on adoption by users. As such, the likelihood of success is improved through the collaboration of these large players who not only have some of the largest user bases worldwide, but also a history of driving consumer adoption of innovative products.
Finally, as an active investor in the fintech space, PayU is always looking for opportunities to further innovation. Whether it’s using our heritage and expertise to develop new capabilities to better serve our clients across high growth markets or partnering with and investing in exciting new companies such as the Libra Association or Bakkt and Luno, we are relentless in our drive to create and invest in innovative value propositions.