Tether Invests in SQRIL to Advance Cross-Border QR Payment Infrastructure

TLDR:

• Tether invests in SQRIL to enhance stablecoin integration for cross-border QR payment solutions.
• SQRIL’s API connects banks like Barclays and digital wallets like Venmo for real-time payments.
• Platform currently supports QR payments in Philippines, Vietnam, and Indonesia with Q1 expansion.
• Malcolm Weed predicts scan-to-pay QR codes will become universal worldwide in coming years ahead.

Tether has announced a strategic investment in SQRIL, a Southeast Asia-based payment infrastructure startup. 

The stablecoin issuer did not disclose the investment amount. SQRIL operates a real-time cross-border QR code payment platform serving Asia, Africa, and Latin America. 

The funding will enable SQRIL to enhance stablecoin integration capabilities and expand its QR-based payment solutions.

SQRIL’s Payment Infrastructure and Operational Model

SQRIL provides an API switch that connects traditional banks and digital wallets to cross-border QR payment networks. 

Weed explained the platform’s capabilities in clear terms. “Any traditional bank such as Barclays or Bank of America, or neobanks such as Venmo, Revolut or Cash app can integrate with our APIs,” he stated. 

Users pay with their home currency while merchants receive their local currency. SQRIL handles the forex and local payout in the destination currency.

Malcolm Weed, SQRIL’s founder and CEO, built the platform after 13 years in cross-border payments. He spent three years in Southeast Asia before launching the company. 

Drawing from this experience, Weed confidently stated his vision for the technology’s future. “I can confidently say that scan-to-pay QR code payments will be universal the world over in the coming years,” he explained. 

The system handles foreign exchange conversions automatically during each transaction. Merchants receive payments in their local currency without additional processing steps.

Banks such as Barclays and Bank of America can integrate with SQRIL’s infrastructure through standard APIs. 

Digital banking services including Venmo, Revolut, and Cash App also have access. The API handles multi-currency settlements behind the scenes.

Market Expansion and Regional Growth Strategy

SQRIL currently supports QR code payments in the Philippines, Vietnam, and Indonesia. The platform offers bank transfer capabilities in Malaysia and Thailand. Additional countries across Asia, Africa, and Latin America will join during the first quarter.

QR code payments have become the dominant transaction method throughout Asian markets in recent years. 

Growth in Latin America and Africa shows similar adoption patterns. National QR code schemes continue expanding as governments promote financial inclusion initiatives.

Weed shared his perspective on global payment systems. “I believe we are at the early stages of instant payment interoperability between banks, ewallets and merchants of different countries,” he noted. 

He emphasized that SQRIL plans to become 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,” Weed added. 

The company aims to be the world’s QR code infrastructure leader with emphasis on emerging markets. Tether’s investment provides resources to accelerate stablecoin-integrated payment solutions.

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