Stablecoin issuer Tether has invested in SQRIL (pronounced squirrel), the Southeast Asia based startup that provides a payments API switch for banks, ewallets and fintech apps to enable their mobile app users to scan & pay QR codes in real time across Asia, Africa and Latin America.
SQRIL Founder & CEO Malcolm Weed explains that, “any traditional bank such as Barclays or Bank of America, or neobanks such as Venmo, Revolut or Cash app can integrate with our APIs and allow their user base to scan & pay local QR codes across Asia, Africa and Latam. Users would pay with their home currency, and the merchant in the foreign country would receive their local currency. SQRIL would handle the forex and local payout in the destination currency.”
Malcolm continues, “I believe we are at the early stages of instant payment interoperability between banks, ewallets and merchants of different countries, and SQRIL plans to be an important part of that infrastructure. With the rise of national QR code schemes, stablecoins and the global movement of people, there needs to be a better way to pay across borders.”
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Scan-to-pay QR code payments across Asia have been the leading payment method over the past several years with no sights on slowing down. Emerging markets such as Latin America and Africa are also increasing their usage of real-time national QR codes for ease of payments.
“Having worked in crossborder payments for the past thirteen years and spending the past three living in Southeast Asia, I can confidently say that scan-to-pay QR code payments will be universal the world over in the coming years. Usually you see developed world technologies making their way to emerging markets, but I really believe this will happen in the reverse,” explains Malcolm.
The SQRIL API is now available to pay local QR codes in the Philippines, Vietnam and Indonesia, with bank transfers in Malaysia and Thailand. Additional countries across Asia, Africa and Latin America will be added in Q1.
“We are aiming to be the world’s QR code infrastructure leader, especially as it relates to emerging markets,” remarked Malcolm.
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