Covid-19: Enabling social distancing, decashing and financial inclusion while accelerating retail payments.
In the framework of the 2020 Fintech challenge, Ecobank launched a specific call for solutions to the Covid-19 new pain point, addressing social distancing and the financial impact.
When humans develop breathing problems due to COVID-19, the main challenge of an economy of physical and social distancing is to provide enterprises and individuals a maximal volume of oxygen (VO2) in their financial transactions while protecting everyone’s health.
The challenge is specifically strategic in Africa for two reasons. First, COVID-19 will have macroeconomic effects constituting many risks for the growth of countries as well as the survival of companies. …
Easy and instant fiat settlements remain one major hurdle in driving mass adoption of crypto payments around the world. Many merchants are open to accepting cryptocurrencies for their business but often do not have the time to learn how to deal with the technology and the inherent foreign exchange risk from price volatility to complicated exchange processes. Dash Thailand and WinstantPay are solving these problems, offering a simple application, eliminating technology and currency risk.
Dash‘s unique ability to instantly send transactions and WinstantPay‘s ability to instantly convert Dash to a variety of fiat currencies are key to realize this solution.
Rob Grantham, Chief Executive Officer of WinstantPay, views ”the instant settlement of Dash makes a great use case for financial institutions to settle international transactions, eliminating herstatt risk.” …
Entering the new year finbc and WinstantPay signed an Agreement for future cooperation in the field of international invoicing, financing and payment.
Whereas both companies intend to jointly expand their marketing and business development on a global scale, finbc will support WinstantPay in Europe and finbc will be supported by WinstantPay mainly in their domestic markets South East Asia, Australia and USA.
According to Hervé Lacorne, Chief Innovation Officer of WinstantPay, bankers often are reluctant to fund foreign receivables. …
There is a lot of hype surrounding Blockchain, also known as distributed ledger technology (DLT). Unless you have been sleeping under a rock for the past 5 years you should have heard about the cryptocurrency impact on financial institutions. The banks have had to wake up and get with the program and action is being taken less they get left behind!
According to the World Economic Forum:
Over $1.4 billion has been invested in DLT between 2013–2016;
>90 central banks engaged in DLT discussions worldwide;
80% of banks were estimated to initiate DLT projects by the end of 2017;
>2,500 DLT-related patents have been filed. …
Gold is respected throughout the world for its value and rich history, which has been interwoven into cultures for thousands of years.
Human fascination with gold is as old as recorded history. We don’t know for sure when the first human picked up a gold nugget and thought, “Hey, this is pretty cool.” However, flakes of gold have been found in Paleolithic caves dating back as far as 40,000 B.C.
Most archaeological evidence shows that humans who came into contact with gold were impressed by the metal. Since gold is found all over the world, it has been mentioned numerous times throughout ancient historical texts.
Throughout the centuries people have continued to hold gold for various reasons. …
China has forged successfully ahead with the integration of Merchant e-Payment systems via mobile apps. Following their lead, markets outside of China are now waking up to the added benefits and increased sales by taking cash payments via mobile apps in store.
Research by Roubini ThoughtLab found that receiving cash via e-Payment can help boost sales for businesses. On average, a small business can increase sales up to 17% after adding an e-Payment option as it reduces lost sales from consumers that do not have enough cash on hand and also allows them to expand market reach towards online consumers. As for large businesses, adding e-Payment can increase sales up to 22% because they can take advantage of e-Payment data to gain a better understanding of their customers’ preferences. …
Cash is unlikely to go away soon. Coins and paper currency remain the most popular ways to pay for things in most countries. However it is very costly for governments to manage and keep their fiat currency secure as counterfeiters are becoming more able to copy bank notes and put counterfeit notes into circulation which cost countries more and more every year. With this counterfeiting and the rise of electronic payments growing year over year, does it mean the end to our wallets and purses?
There are few corners of the world where electronic transactions are not growing faster than cash. The consulting firm Capgemini recently estimated that electronic payments will grow about 10.9 percent a year between 2015 and 2020. Yet the movement away from cash is happening in very different ways and at varying paces around the globe. …
The craze for cryptocurrency can be explained by a host of factors: the opportunity to get rich quick; the criminal society living off the grid and performing near-anonymous transactions; But more importantly it gives us, ordinary folk, the chance to get one over on the banks! Right!?
Despite Blockchain cryptocurrencies’ wild volatility to date, we would still argue that the more underlying attraction is to be a reliable store of value. Cryptocurrency investors may not recognise their motivation as such, but the impulse behind computer-generated currency is to take the production and control of money away from government.
Call it a conspiracy theory, or what you will, banks have a lot to answer for with their control over economies that goes back centuries to the days of the Italian city states and Renaissance. More recently, the Rothschilds made their first huge “market killing” during the Napoleonic era. This ushered in the modern age of Big Banking and ever since we have been wondering what Banks are doing with our hard earned cash. …
L2S is a “white-label” based merchant platform and shopping cart that will help the company reach out to over 2.53 billion Mobile Users by 2018, a market growing annually by about 6–7%.
A WinstantPay marketing executive said:
“Engaging directly with customers can revolutionize your business. With the growth of mobile technology there comes a large increase in transaction volume from status updates to content downloads and collaboration.
Organizations that manage this increase in activity and data with a mobile-first approach can use the information to better serve their customers. With a good mobile enterprise app platform with extended design patterns and support features like push notifications and Quick Response (QR) codes, businesses will have more control over how customers engage with their system. Simultaneously, customers will benefit from a much more convenient and efficient mobile banking experience. …
When I was at school I remember looking at a log rule and never feeling so lost in all my life. School taught us a lot about what we are not good at and less on what we were good at. Its main role it seems is to get you ready to work for someone else, to be disciplined and follow rules.
I often wonder if they had money management as part of the syllabus I wonder how many of us would be in debt to the banks right now.
Money management is not just for business owners, it is for everyone! If you have full control over how you manage money, you can make things so much easier on yourself. …