By Adedapo Adesanya
Yellow Card Financial has announced the launch of its new payment feature, Yellow Pay, to make it easier for customers to send and receive money through the company’s crypto exchange platform.
The firm said the new product will be coming without any extra charges for users.
The Director of Operations for Yellow Card, Mr Oparinde Babatunde, said one of the biggest challenges in Africa is the difficulty in money transfer, stating that it is easier to send money from Nigeria to the US than it is to send money from Nigeria to Ghana or Zambia, and in the instances where it is possible, it is usually through the United States Dollars.
However, “Yellow Pay simplifies money transfer between African countries by building a solution that understands the way Africans already interact with financial products.
“We’ve managed to simplify it further by reducing costs and waiting time of remittance across the continent drastically compared to traditional money transfer rails.
“With Yellow Pay, Africans can send money across borders using their phones.”
Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT (Tether).
It is important to note that Yellow Pay is not a money remittance or foreign currency exchange service. Rather, Yellow Pay is an advanced crypto exchange product.
The company explained that there are several benefits to using Yellow Pay. Firstly, the service is powered by blockchain technology making it cheaper. Secondly, transactions are instant so there’s no waiting period. Lastly, money transfers are absolutely free. And lastly, the uses are endless as one can: send money for business, school and healthcare. Gift cash to friends and family across Africa, pay vendors in other countries, receive payment for services, pay bills and fees in other African currencies and so much more.
Mr Oparinde adds that “The people that will benefit from Yellow Pay the most are the unbanked and underserved people living in peri-urban areas and rural parts of the continent. They usually do not meet the necessary requirements to open a dollar account with banks and as such are cut off completely. Yellow Pay will service this market.”
The company added that the launch of Yellow Pay not only makes it easier for money transfer but also opens up the continent to more investment, access to credit, and business grants, and generally will improve the ease of doing business.
Business Post Contributor