The banking system continues to thrive even after over three thousand years of service since its inception in 2000 AD. The system has garnered new technologies to ease the payment, loan, and service delivery. Of course, the best upgrade was the introduction of the fiat system, the typical paper money.
However, since the inception of banking, the relevant platforms have seen several problems and security issues, including hacking. These insecurities perhaps are the leading cause of the significant unbanked population of over 1.7 billion adults. However, a new platform is on the rise, the National Payment Platform courtesy of Apollo fintech and CEO Stephen Mccullah.
An Overview of NPP
NPP is a payment and banking system based on the Apollo blockchain. The platform independently powers the whole economy from payment, currency exchanges akin Forex, and many others. Stephen Mccullah’s idea of NPP is making a platform that accelerates the adoption of digital and cashless payments. The forum will completely revolutionize the banking sector.
Easy Accessibility through Mobile Money
The global banking adoption is lingering because of the inaccessibility of banking services. The location of most banking institutions is big centers, towns, or cities. Persons living in rural areas face difficulty accessing banking services.
However, NPP makes banking services accessible to the global population. The process of signing up for the NPP platform is easy and convenient for everyone. NPP will have an app and an online wallet to ease registration and adoption of digital banking services.
Anyone with access to an internet rich computer can access and onboard NPP’s banking services, including deposit, withdrawal, and other banking services.
Peer-to-Peer Transactions in Banking
Peer to peer transactions is decentralized financial interactions between two parties. The most relevant factor in P2P transactions is the elimination of regulating authority. The lack of a central control provides complete freedom of commerce and makes the transactions affordable.
However, implanting P2P in the current banking sectors is next to impossible the banks are regulating authorities. Moreover, commercial banks have to adhere to guidelines by the country’s central bank.
NPP platform embeds P2P interactions in its making. The platform has its app that allows persons to complete trades. Moreover, shoppers can complete transactions using SMS payment options, bank cards, QR codes, etc. Using SMS as a transaction completion mechanism eases banking services since there is no need for internet access. That’s an excellent factor to fasten the banking of the unbanked.
Banking on National Digital Currency
The global banking platform is stuck with the traditional fiat currency. The system has been in use for over two millenniums, i.e., since the year 10 AD. However, the fiat system has several downs, including inflation and regulation problems.
The NPP platform implants a digital currency in its making, Apollo cash. Apollo cash is an enabler of the transition from the traditional system to the frictionless digital payment option. Unlike the current system, Apollo cash trades on an open immutable blockchain, reducing fraud chances.
Moreover, NPP implants its stablecoin with distinguishing features, stable values. The stable costs are owing to the asset backings in place.
Apollo fintech will embed its stablecoin GSX as part of the NPP platform. Unlike any other stablecoin, the gold secured currency is non-volatile and noninflationary. It will, therefore, be the most trustworthy currency once implanted.
Banking on The Apollo Blockchain
NPP introduces a banking platform with a blockchain hub. Apollo blockchain is the most reliable, transparent, and immutable blockchain in the world. Among its functionalities are;
Database Level Sharding
This technique gives the ability to break down data into small independent partitions called shards. These shards are separate, meaning multiple servers can process them. That provides the database with more compute capacity, thus ensuring faster, more reliable completion of transactions.
This technique ensures the creation of blocks only when transactions are happening. Limiting blockchain creation ensures there is zero wastage of resources in the blockchain. Therefore, the blockchain will never lack resources to complete transactions; thus, transactions will be more efficient.
The IP masking technique enhances the privacy of the transactions through the blockchain. NPP users are sure that their computer’s IP details are masked by a central server, meaning the only visible IP address. No one can backtrace or locate the persons conducting transactions, enhancing the security of users.
The Apollo blockchain is a quantum-safe blockchain, meaning it’s not affected by quantum computers. As the world migrates to quantum computing, banking systems need quantum-safety measures. Since NPP is the only quantum-proof payment platform, it will tower and prosper after the quantum migration.
An updater is a form of a blockchain transaction that sends updates to all ends of the blockchain. Regular maintenance assures that the blockchain and all its products remain safe.
The national payment platform by Apollo fintech is the solution to all problems facing the banking world. The platform makes access to banking services accessible and more reliable.
Moreover, it thrives in banking the big chunk of the unbanked global population. Its P2P transactions enhance payment interactions to a decentralized system, making payments and exchanges fast and reliable.
As a payment platform, NPP merges a national digital currency dubbed Apollo Cash. The cash is the solution to problems facing the existing traditional payment systems.
NPP is the safest, most scalable, and reliable payment platform because of the blockchain base. It will, therefore, revolutionize the current banking systems completely.