Jack Dorsey's digital payment firm, TBD, has announced a strategic partnership with Chipper Cash, a leading payment platform in Africa, to boost cross-border trades and unlock new markets on the continent. TBD, a subsidiary of Block, co-founded by former Twitter CEO Jack Dorsey, aims to grow its presence in Africa to 40 countries, intensifying competition in the digital payments space.

In a recent interview in Ghana, Mike Brock, the CEO of TBD, emphasized the need to expand its network of countries. One of the standout features of TBD is its integration with digital assets, allowing customers to transfer cryptocurrencies directly to the recipient's wallet or convert them to local currency. Alternatively, recipients can hold the direct value in Bitcoin (BTC), stablecoin, or dollars. According to Brock, this template bridges the gap between traditional and newer methods of payment, stating, "One of our main goals on the continent is to encourage engagement in that ecosystem – developers, fintechs, startups, banks, institutions can use these technologies today."

The adoption of blockchain technology in many markets has led to increased crypto asset volumes, unlocking faster cross-border payments. African markets have seen an influx of crypto and digital payment firms in the last two years, with companies looking to grow their market share among young investors. Chipper Cash, based in San Francisco, has onboarded over 5 million customers to move funds in 21 African countries. TBD's integration of digital assets appeals to young people in the continent as inflation surges in some countries. Bitcoin is tipped as a hedge against inflation and a store of value, and recently, a growing number of people are moving to the asset against local fiat.

The partnership between TBD and Chipper Cash represents a significant step in the digital payments landscape in Africa. By leveraging each other's strengths and networks, the two companies aim to provide seamless and efficient cross-border payment solutions, catering to the growing demand for digital financial services in the region.