Bankymoon is targeting the unbanked and helping them get easy Bitcoin transactions; now, it is enabling them pay utility bills in the digital currency. The company believes that Bitcoin payment processors enable payments but often what is required is deeper integration into current processes.
However, the power of Bitcoin lies in the ability to program functionality to automatically respond to payment transactions. According to the company unlike bank accounts, Bitcoin addresses can be monitored by predefined processes which trigger automated actions. This is not just transparent but safe as well as it can be monitored.
Providing Banking Solution to the Unbanked People in Africa
A major portion of the world is still out of reach of traditional banking services. According to the World Bank’s 2013 data, about half of the world is unbanked. Whereas eighty percent of those are in Africa, 65% in Latin America and nearly 60% in Central Asia Pacific; thus, there is quite a large number of people who are still untouched with banking services.
However, Bitcoin has potential to reach to this segment of the population. What Bankymoon offers is attractive business model wherein transaction fee are lower than what customers pay otherwise in the market. This is possible as Bitcoin transaction fees are low. The startup receives Bitcoin, calculates the tariff and then loads the meter.
In the business model, every one of Bankymoon’s meters has assigned Bitcoin addresses. The company says, “We perform the analysis on these workflows and advise and develop the necessary integration required to seamlessly incorporate Bitcoin transactions.” Not only did he come across an innovative technology but quite useful for millions of people in Africa.
Low Cost Transactions Make Bitcoin an Apt Solution for International Payments
Not just utility bills but foreign donations can also be made easy to receive in Africa as donors can now focus their aid and directly contribute to the energy of that school. Nonetheless, anyone from anywhere in the world can now go and top up that school’s electricity for a week. It’s direct foreign aid.
Nonetheless, the founder of Bankymoon says that while the company is still experimenting with the transaction fee amount, it will depend on what its user traction looks like. Also, the more users, the potentially lower the fees become. The company believes that this is potentially game changing for driving Bitcoin adoption.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org