South African blockchain start-up Apollo Fintech has launched a National Payment Platform, a blockchain-powered national currency platform that enables a central bank to issue a sovereign, digital currency (stablecoin) for national adoption, which can be sent and received through mobile SMS and text messages.
After central bank issuance, the NPP system enables a government agency and/or central bank to add commercial banks and agents. The entire platform has the capability to power an economy, from merchants to peer-to-peer transactions using its app, SMS, QR codes, cards, offline codes, and more.
NPP is the only blockchain-powered system that enables users to make digital payments through a sovereign currency. It enables regulated banks and commercial entities to harness the power of blockchain and facilitate frictionless transactions.
Authorized banks can onboard citizens and merchants for mainstream transactions including currency deposits and withdrawals, currency exchange, money transfers and payments for goods and services.
NPP is also compatible with Apollo Cash, a cashless innovation that allows a traditional economy to transition to frictionless digital payments.
The World Bank estimated in 2018 that 1.7 billion adults globally are unbanked, which means these individuals do not have an account with a financial institution. However, 1.14 billion or two-thirds own a mobile phone which gives these individuals the potential to access financial services.
Apollo Fintech has created one of the first comprehensive, blockchain backed, frictionless transaction systems that can collaborate with a central bank and regulated financial industry.
This system can bring enormous economic benefits to developing countries and to millions of banked and unbanked consumers for true mass adoption of blockchain.
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