Apollo Fintech Launches National Payment Platform (Version 1.1)
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Apollo Fintech Launches National Payment Platform (Version 1.1)

Apollo Fintech Launches National Payment Platform (Version 1.1)

On August 12, 2020, South African Blockchain company Apollo Fintech announced the completion of its National Payment Platform (NPP), an innovative cashless system that enables a central bank to issue a sovereign, digital currency (stablecoin) for national adoption. After central bank issuance, the NPP system enables a government agency and/or central bank to add commercial banks and agents. The entire platform has the capability to power an economy, from merchants to peer to peer transactions using its app, SMS, QR codes, cards, offline codes, and more.

Authorized banks can onboard citizens and merchants for mainstream transactions including currency deposits and withdrawals, currency exchange, money transfers, and payments for goods and services.

National Payment Platform

"The National Payment Platform is the only blockchain-powered system that enables users to make digital payments through a sovereign currency," says Stephen McCullah, CEO of Apollo Fintech. "The NPP enables regulated banks and commercial entities to harness the power of blockchain and facilitate frictionless transactions. This allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale."

Features include:

  • Online sign-up by merchants and citizens to facilitate easy accessibility and onboarding
  • Merchants can publish a product catalog to sell goods (and collect payments) directly on the platform
  • Merchants can use the point of sale system to sell goods and services locally
  • Deposit and withdrawal of funds via online wallet, as well as money transfers/remittances between wallets and abroad
  • Add bank cards to top-up funds or withdraw money
  • Generate efficiencies from frictionless transactions across an economy
  • The future benefit of quantum-resistant encryption of data on an immutable distributed ledger
  • Zero downtime of the database
  • Physically accessible throughout the country by government-approved agents/banks
  • The ability to make payments and check account data using the only SMS

Mobile Money: Overcoming Challenges of Banking Access and Usability

The National Payment Platform is compatible with Apollo Cash, a cashless innovation that allows a traditional economy to transition to frictionless digital payments. The NPP removes the barriers of accessibility and usability by allowing physical access from any agent locally and by utilizing top-up cards that could be sold in all major retailers. Unprecedented usability is offered by allowing digital currency transactions via mobile SMS and text messages, so anyone can use the system and benefit from the blockchain.

"By solving accessibility and usability challenges, NPP in conjunction with Apollo Fintech's other financial innovations can lead to accelerated mass adoption of digital payments and cashless transactions," says McCullah. "When utilized, a government and central bank can leverage the security and transparency of blockchain on a national scale. This empowers a government to accelerate the transformation of a national economy and gain unprecedented efficiency, stability, and economic control."

Frictionless Payments

The World Bank estimated in 2018 that 1.7 billion adults globally are unbanked, which means these individuals do not have an account with a financial institution. However, two-thirds (1.14 billion) own a mobile phone which gives these individuals the potential to access financial services. (More than half of the global population do not own a smartphone.)

Through NPP, Apollo Cash, Apollo Bank Network, and other cashless innovations, Apollo Fintech has created one of the first comprehensive, blockchain-backed, frictionless transaction systems that can collaborate with a central bank and regulated financial industry.

"We're thrilled to have developed the first solution that enables a central bank to issue a blockchain-powered digital currency which can be sent and received through mobile texts," says Stephen McCullah. "This capability can bring enormous economic benefits to developing countries and to millions of banked and unbanked consumers. Furthermore, by removing the two major barriers to the blockchain, accessibility, and usability, it can accomplish two historical milestones, true mass adoption of blockchain and banking the unbanked."

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