SQRIL, a stablecoin-to-QR code payments company, has expanded into Central Asia. In a statement yesterday (28 June), the company confirmed it has added Uzbekistan, Kazakhstan and Kyrgyzstan to its network.
SQRIL operates a scan-to-pay QR code payments API for crypto apps and neobanks. The company said it is already present in 11 countries across Asia, Africa and Latin America.
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The company positioned its stablecoin-to-QR code approach as an alternative to crypto and stablecoin debit and credit card programmes. It said crypto exchanges, stablecoin apps and neobanks are integrating its “pay like a local” QR code payment rails as the “preferred solution” for emerging markets, rather than using card networks.
Card-based crypto and stablecoin products rely on traditional card infrastructure and typically carry average processing fees of around 3% for consumers and merchants.
SQRIL said stablecoin-to-QR code payments connect directly with digital asset networks, which can reduce transaction costs to under 1% for users and is usually free for merchants.
SQRIL founder and CEO Malcolm Weed said: “Legacy card infrastructure is fundamentally ill-equipped for emerging markets. “By connecting stablecoins directly to regional QR code standards, we give financial apps 3x lower fees and instant access to 5x more merchants than any crypto card program can offer.”
SQRIL said its current coverage includes the Philippines, Vietnam, Thailand and Cambodia in Southeast Asia, as well as Tanzania, Kenya and South Africa in Africa.
In Latin America, it listed Brazil, Argentina, Colombia, Peru and Bolivia. The company said Indonesia, Malaysia, Nigeria, Ghana, Uganda and Paraguay are expected to follow.
