The financial system plays a significant role in the economy. Merchants form one of the greatest clients of financial institutions, and for years, merchants have been following bank policies religiously. Furthermore, the banking sector has been dormant, with banks operating conventionally with no notable innovation. Although most of them adopted mobile transactions, they were still heavily dependent on traditional systems. Besides, the transactions still have their share of setbacks, especially on fees and unsupported international transfers, making them inefficient.
However, financial technology gurus are waking up to the realization that the financial industry and, more so, banking systems are due for a change. Apollo Fintech, a blockchain company based in North America and Africa, seems to be the new hope for the industry. The company utilizes modern technology, blockchain to revolutionize the banking service experience, including central banks, merchants, and people. Apollo Fintech has successfully integrated banking, payment, and merchant services in a single platform, dubbed the National Payment Platform (NPP), through blockchain technology capabilities.
NPP Banking Service
Merchants have been content with traditional banking procedures and policies as they had no decent alternatives. According to most of them, the challenges associated with traditional banking were a cost they had to pay in their business. The system was generally characterized by slow transaction processing, high cost, limited usability, and inaccessibility. Apollo Fintech is changing the game in banking services and adding some value by giving central banks the ability to introduce a new currency, a digital currency.
Several central banks have, in the past, attempted to launch a digital currency, CBDC, although none of them has been successful. However, the National Payment Platform is providing the necessary infrastructure. The platform will allow any central bank to issue a digital currency and onboard commercial banks, agents, merchants, and the people. That way, banking services will be accessible to all populations provided they own a phone. The digital currency will be held in an online wallet, and users only need to sign up online.
Under traditional banking, over 1.7 billion adults had no access to banking services by 2017. The situation could be blamed on banks’ conditions on opening accounts and the accessibility of commercial banks due to their characteristic of concentration in urban centers. The NPP makes all banking services available on mobile phones, including phones utilizing outdated technology. Deposits and withdrawals will be instant through the online wallets, and they can also link the wallet with bank cards as an additional option for funds top-up or withdrawal. People will have banking services with them wherever they go as long as they have their phones, and all through the day and night. Further, authorized agents will be spread across countries to make the digital currencies and banking services available for the people.
NPP Payment Service
Among the significant challenges with payment services in conventional banking include payment processing speeds, especially for payments made abroad, and transaction fees. The National Payment Platform will solve these problems with the platform’s online wallet, the platform-compatible Apollo Knox Pay, and the CBDC. Users will be able to make peer-to-peer payments using digital assets in their wallets, at reduced costs. The payments will be frictionless, and users can even make payments abroad in minutes.
The platform offers different ways of sending payments, including SMS, its app, offline codes, and QR codes. It will allow economic players to save significantly on waiting times and resources,
NPP Merchant Services
Aside from banking services, merchants utilize other platforms to advertise their goods to catch the eye of potential customers. Some make use of free social media, while others pay for slits in advertising platforms. However, Apollo Fintech’s new payment platform is providing merchants with this functionality.
Merchants using the platform can publish a catalog of their goods and services directly on the payment platform. Interested users can buy the goods and make payments to the merchant directly through the platform. It also features a point of sale system that will allow users to sell their products and services directly and receive payments, although locally.
Summing Up
Apollo Fintech has been among the top companies utilizing blockchain technology to revolutionize various sectors. While this article focuses more on the integration and added capabilities and functionalities in banking, payment, and merchant services, platform users will benefit from blockchain characteristics.
Part of the benefits they will all enjoy is the quantum-resistant data encryption mechanism on an immutable ledger. The immutable and distributed ledger ensures that no more action can be taken once a transaction is complete and recorded. It will be the ultimate platform that solves cybersecurity threats all at once.
Blockchain technology will provide unprecedented safety in the financial sector and foster privacy in an individual transaction. For now, people only have to wait for the first central bank digital currency based on Apollo Fintech’s National Payment Platform and enjoy a seamless experience.
