XONIO: an innovation from two megatrends
You would think that in the age of online shopping, movie and music streaming, and transport network vehicle services, everyone would at least have a basic bank account, right? Wrong!
According to a 2017 study by the World Bank, there is still a huge gap in terms of financial inclusion in emerging markets. For example, in the Philippines, 65.5% of the population are still deprived of basic financial services.
Though processes have been set in place, multiple hurdles emerge in traditional banking systems that make it difficult for people in emerging countries to surpass. Some of the most common hindrances to financial inclusion in emerging markets like the Philippines include: application requirements, proximity from home and, the cash economy. Learn more about why Filipinos are unbanked here.
With this, the Philippine government and multiple startups have been devising ways to alleviate the financially excluded. For starters, the Bangko Sentral ng Pilipinas launched the National Retail Payment System which aims to transition the market from cash-heavy to cash-lite. Here at XONIO, we plan to take it a notch higher by combining two megatrends: telco prepaid airtime and blockchain technology.
Telco prepaid airtime and Blockchain technology
XONIO aims to facilitate blockchain technology for the masses through telco prepaid airtime. Emerging markets have very high mobile penetration rates, at 95–98%. Countries like the Philippines, Vietnam, Indonesia, and Myanmar have very high mobile connectivity which also transcends to user behavior where telco credits are commoditized as one of the most pervasive store-of-value unit next to cash.
This is why we believe that mass adoption of blockchain technology can happen by leveraging on this megatrend. Granting access to the blockchain through telco prepaid airtime makes sense because telco prepaid airtime is so accessible to the masses — everyone has it and it is so easy to maintain a prepaid account.
Topping up a prepaid account is so convenient, in fact, 25% of transactions in traditional trade channels like sari sari stores in the Philippines, warungs in Indonesia, and kedai runcits in Malaysia are from mobile top-up purchases. This is a huge deal because according to a Nielsen study, these traditional trade channels actually dominate the market in terms of store numbers and sales contribution.
So just imagine putting the two together: telco prepaid airtime and blockchain technology. XONIO’s strategy to tokenize telco prepaid airtime will definitely be the easiest and most convenient way to connect mobile users to the blockchain.
For more info, visit www.xon.io. Join the community on Telegram.
