Underpinning Blockchain potential in upending mobile payments

April 13, 2017

NanoBNK envisions the blockchain as delivering value to their customers in the form of reduced fees, faster funds transfers and simplified processes. For those who lack an entrée into basic financial services, blockchain’s accessibility and scalability could make it a practical gateway to the global economy.

Blockchain upending mobile payments

  • Increased Security

The biggest hurdle that mobile payments have yet to overcome is security concerns. The blockchain has the power to change that since the technology focuses on not only being hyper-secure, but also preventing scams like fraud, double-spending, and price gouging. This is because transactions must be accounted for on a tamper-proof ledger and it’s extremely difficult to break into user’s accounts.

  • Instant Payments

We expect mobile payments to be fast. Like instantly fast. However, it can still take some transaction several minutes or hours for a transaction to go through. By using blockchain technology, payments will become truly instant as developers work on creating faster networks where you could send money to your friend who lives across the world. In just a matter of seconds, your friend can access these funds on their smartphone.

  •  Remittances

The World Bank estimates that the average cost of remittance across the globe is 7.5%, with commercial banks typically at over 10%. Sub-Saharan Africa remains the most expensive region to send money to at 9.5%. If this could be decreased to even 5%, customers across the globe could experience annual savings of $16 billion.

By removing these third parties, the blockchain could allow mobile users to transfer money to anyone in the world without having to pay for expensive service and transaction fees. A number of companies, like Abra and Coins.ph are already achieving this.

  • Mobile Wallets

Cash and checks are relics. Even plastic is becoming a thing of the past thanks to mobile wallets. With NanoBNK’s digital wallet, the convenience and ease-of-use become appealing to mobile users.

  •  Reward and Loyalty Programs

Customers love being rewarded just by shopping at a business. Mobile has already proven to be an excellent platform for offering and managing reward programs. The blockchain has the potential to take this to next level by improving the way that points can be traded. Since transactions are recorded on a public ledger, businesses can monitor how points are traded, which is difficult to do right now.

  • The Unbanked Getting Banked

Access to a bank account remains a major concern for millions of people. Only armed with a smartphone, however, the individuals who currently do not have a bank account can use the blockchain to participate in global eCommerce, securing loans, or transferring money to friends or family securely and without pricey fees.

The Anglo African team can assist you in unlocking the full potential of FinTech for the prosper of your business. If you have any queries, or if you would like further information, please contact us on 2331636 or by e-mail at contact@infosystems.mu.

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