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Paymentology and Rain Join Forces to Accelerate Digital Assets Market

Paymentology, a global issuer-processor, has partnered with Rain, a corporate spend management platform, to accelerate the digital asset business market in the Caribbean and Latin America.

Together, Paymentology and Rain have launched a new payment 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.

Founded in 2021, Rain has emerged as a go-to platform for Web3 entities. It’s designed to accommodate the unique governance and operation models of Web3 teams. All the while, it allows them to take advantage of fiat interoperability and payment acceptance at merchants across the globe.

Paymentology is 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 pivotal role in enabling the integration of digital assets within the fiat ecosystem.

Initially focusing on the Latin America and Caribbean (LAC) region, Rain intends to expand further afield into other regions. This will be made possible 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.

Capitalising at the right time

This announcement comes as the crypto market continues to surge. Especially within Latin America, as it is experiencing an unprecedented boom in digital currency adoption. In 2022, Latin America accounted for 9.1 per cent of the global crypto value received. This amounted to $562billion between July 2021 and June 2022, marking an impressive 40 per cent growth during this period.

Farooq Malik, co-founder of Rain
Farooq Malik, co-founder of Rain

Farooq Malik, co-founder of Rain, commented on the announcement: “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.”

Alejandro Del Rio, regional director for LatAm at Paymentology
Alejandro Del Rio, regional director for LatAm at Paymentology

Alejandro Del Rio, regional director for LatAm at Paymentology, added: “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. We look forward to achieving many more milestones for the Latam fintech industry, and beyond.”

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