For Latin Americans who do not have access to the banking service, it will be possible to unlock Spotify Premium with Ripple partner dLocal.
DLocal, a longtime Ripple partner, announced a collaboration to make it easier for Spotify to expand its premium subscriber base in Latin America. Alejandro Esperanza of dLocal claims they will help Spotify realize its “full potential” in that region:
“Success depends on understanding each market and how their consumers choose to pay for the goods and services they enjoy. This partnership underscores our commitment to helping the world’s largest companies like Spotify realize the full potential these markets offer. ”
Access to Quality Music Will Be Easier
Latin America is one of Spotify’s fastest growing markets and currently accounts for 21 percent of the company’s total paid users.
Still, around 70 percent of its population doesn’t use banking services, making it difficult for Spotify customers to pay for premium subscriptions. Since Spotify has enabled 360 payment platform support, dLocal is trying to make a difference here. dLocal offers cash payments for those who cannot open a bank account in emerging markets in Latin America.
Ripple’s Eyes on Latin America
The continent offers many opportunities for remittance companies, neobanks and other fintech startups. dLocal joined RippleNet in October 2017 to offer blockchain-powered payments to network members in South America. Ripple has made significant progress in Latin America in the past three years. The company invested in Bitso, Mexico’s largest crypto exchange, last October.
Brazil now seems to be the company’s top priority in the region. As previously reported, Garlinghouse held a meeting with Brazilian central bank president Roberto Campos Neto last December after announcing its intention to partner with local banks.
What is dLocal?
dLocal was launched with a single goal of closing the innovation gap in payments between developed countries and emerging economies. The firm is committed to providing a flexible, all-inclusive payment solution that unlocks new revenues and maximizes access in growing markets.
Although dLocal is established in Uruguay, they are aware of the fact that local payment difficulties extend far beyond neighboring countries and continue their work accordingly. Today, payment scopes include high-growth emerging economies in Latin America, Asia, the Middle East and North Africa.