Innovative Cross-Border Payments with Sling Money

Sling Money is revolutionizing cross-border payments by introducing US and European Virtual Accounts. These accounts combine traditional payment methods with tokenization technology to offer a seamless global transaction experience.

The new feature allows users to receive payments in their local currency from various locations around the world, extending beyond peer-to-peer transactions into broader financial activities.

Designed similarly to Venmo, Sling Money enables users to send and receive funds through virtual accounts that can be linked to U.S. bank account information or European IBANs directly into the user’s Sling Wallet.

Seamless Integration with Stripe’s Bridge

The launch of these new accounts is bolstered by a strategic alliance between Sling Money and Stripe, which acquired the regulated financial infrastructure provider, Bridge. This partnership uses stablecoins—such as Pax Dollar or Euro Coin—facilitating easy conversion and transfer of funds.

By converting incoming payments into stablecoins, users can hold these funds within their app or convert them back to local currency for a small fee, enhancing both flexibility and security in cross-border transactions.

The Role of Stablecoins

Stablecoins are increasingly becoming significant players in the realm of cross-border payments. According to the Bank for International Settlements, these coins facilitated around $600 billion worth of such transactions in Q2 2024 alone.

This underscores their viability as a payment solution and highlights Sling Money’s competitive edge through its integration with Bridge, making it an early adopter of regulated crypto payments.

Expansion Plans

Sling Money launched globally last November and is now operational in over 75 countries. Future plans include expanding into additional payment rails such as RTP and FedNow, further enhancing user convenience and accessibility.