Introduction
For millions of people in developing countries, earning in local currencies can mean losing value to inflation and volatility. Meanwhile, getting paid in other currencies by international employers can be slow and expensive.
To help digital entrepreneurs, freelancers, and online consumers engage in the global economy, Airtm created an international payments platform that provides access to digital US dollars. By leveraging stablecoins to receive, hold, and protect income against other currency volatility, Airtm helps more than 1.8 million users maximize their earnings.
“Our goal is to be the platform of choice for freelancers and digital entrepreneurs, which allows them to easily find work and receive their payouts in a fast, fair, and transparent way,” said Allan Raul Silva, senior technical product manager at Airtm. “Our focus is on enabling customers to seamlessly earn, hold, and spend from anywhere.”
Challenge
Airtm was already working with Bridge to streamline global payments by creating Virtual Accounts that convert incoming USD payroll payments to USDC, a fully reserved digital dollar, which is then sent to a user's Airtm wallet. But even as Airtm solved the problem of getting paid across borders, it knew that users still faced friction when it came time to spend their money.
While users could instead cash out or transfer funds from their Airtm wallets into their local accounts, this process created an extra step that impacted their ability to spend their funds when and where they wanted. In addition, users in many of Airtm’s markets often lack access to USD-denominated cards through their local banks. This forced people to use local cards that often charge local taxes and steep FX markups on global purchases like streaming services, booking travel, or online ads to grow their digital business.
While Airtm had long facilitated peer-to-peer transactions and provided local withdrawal options, it wanted to close the gap by providing a virtual card that would let users spend directly from their Airtm wallets. However, building and managing its own card program would require navigating complex issuer relationships and network rules. “We needed a partner that understood both the crypto native side and the regulated side, including banking, issuing, and compliance,” said Silva.
Solution
Airtm collaborated with Bridge to launch a card program that would allow users to spend USD directly from their Airtm wallets without transfers, delays, or hefty fees. Bridge provided the API-first integration, USDC orchestration, compliance infrastructure, and scalable program management Airtm needed to launch its global card solution with confidence.
Bridge provides Airtm users with Visa prepaid debit cards that draw directly from the user’s USDC balance, saving the time and effort of transferring funds to a separate account. Airtm cards can be used worldwide for online purchases or added to Apple Pay and Google Pay for convenient mobile payments. Users have full transparency and control, including the ability to review a full transaction history in real time and freeze cards on demand.
USDC is converted to local currency at the spot rate with no markup, allowing users to spend locally without the typical cross-border fee. Because the virtual card is issued in the US, people can use it to shop online, pay for subscriptions, and make global purchases without worrying about fluctuating FX rates or the 60%+ in local taxes that can be added in some countries.
Results
Within the first three months of launching its card program, Airtm users created tens of thousands of cards, spending millions of dollars. In Bolivia alone, Airtm users created over 10K cards in one day.
Users can now spend their earnings on digital subscriptions, international travel, and reinvesting funds back into their business without the usual banking and FX complications. Early data shows that over 30% of spend goes to freelancer and independent business expenses, including meta and google ads.
When funds are loaded on a virtual card, Airtm currently applies a 1% fee to the first $200 added in a calendar month. They also earn a portion of the total earnings from the card. This helped Airtm create a valuable new revenue stream while expanding its value proposition as a platform for receiving, holding, and spending digital dollars.
Conclusion
By adding cards to its platform, Airtm closed the gap between earning and spending, helping the company achieve its goal of creating a complete ecosystem where people can receive, hold, and use digital dollars with ease.
The content in this article is for general information and education purposes only and should not be construed as legal or tax advice. Bridge does not warrant or guarantee the accuracy, completeness, adequacy, or currency of the information in the article. You should seek the advice of a competent attorney or accountant licensed to practice in your jurisdiction for advice on your particular situation.
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