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Finance is the fuel that powers the world’s economy, without which trade is impossible. However, about 1.7 billion adults globally lack a bank account. As a result, they face considerable barriers to accessing essential financial services. This issue is most prevalent in developing countries, more so in their rural areas
Knox world pay is revolutionizing this by targeting the inhabitants of these economically marginalized areas. It does so by addressing the barriers causing the current high rates of unbanked persons in these locales. The article shall go in-depth into how this is being achieved.
Knox World Pay
The developer of Knox World Pay, Apollo fintech, is a blockchain protocol hosting the all-in-one cryptocurrency Apollo currency. Knox world pay is, therefore, a cryptocurrency payment service provider. Created to comprise more than just the usual few digitally literate people, the service provider has targeted those living in the most remote or economically marginalized areas. Such people tend to have very low smartphone or internet access penetration rates.
Knox World Pay runs a payment system that is compatible with every mobile phone type. With up to 70% of the population in developing countries owning a mobile phone, such a system has a higher accessibility potential than other more traditional financial services.
How it Works
The most vibrant traditional financial providers currently are banks. Setting up bank branches in every rural locale is costly, but there is also a lack of guarantee in such investments. In contrast, Knox World Pay borrows on the banks’ idea of a widespread network of operational branches. It has a much less costly, more personalized, and more widespread solution, a global network of agents.
Knox World Pay Agents
The Knox World Pay agent network works akin to a bank’s branches network, but with a lot more branches and flexibility. Areas with high rates of exclusion from financial services get a larger share of these agents. The agents themselves are anyone willing to join from anywhere, providing for a local employment opportunity.
By signing up users in opening accounts, these agents link those without access to internet services with digital payment systems. Using these accounts, the agents then help users make deposits, after which they buy their credits, allowing them to make withdrawals in cash.
The agents are equipped to recruit sub-agents under them, creating a well-entrenched network that covers as wide an area as possible. It makes for a very adaptable approach to changes in the demand for financial services. Thanks to such a network, users can make deposits or withdrawals on their accounts from as close as a few hundred meters. This system breaks a pivotal barrier to financial inclusion, the accessibility barrier.
Currency Transfer
Transferring money from one point to another doesn’t come any more comfortable. With as little as a text, a user can send cryptocurrencies in about 1-2 seconds. Other features such as a QR code scan, a physical blockchain-backed bill, and coupons are also available, creating a versatile array of funds transfer.
Knox World Pay has a fiat currency backing of its cryptocurrency, allowing for a fluid integration with everyday needs. More integration efforts are underway to add more cryptocurrencies, besides the wrapped Bitcoin (BTC) and Ethereum (ETH) availed. The fact that anyone can trade in cryptocurrencies from any mobile phone while offline solves another high barrier to financial inclusion, the usability barrier.
Simple, Faster but Cheaper Financial Mobility
Not many people usually consider cryptocurrencies as an option for money transfer. The reason is that using the more traditional ways of trading in cryptocurrencies is quite complicated and challenging, even in developed countries. One has to sign up for an exchange platform and look for an excellent secure cryptocurrency wallet before they can eventually deposit their coins. This complicated system takes a lot of time and requires good background research on the exchange platform and wallet to avoid cyber fraud. An internet connection is also a must when undertaking all these steps.
All these requirements are enough to deter even one with a stable internet connection. The unbanked population usually lacks access to the internet, let alone access to background data regarding the other requirements. They likewise find traveling to a large town with banks to access savings or send money quite time-consuming. It is also costly in the form of bus fares and high transaction costs, more so for international money transfers.
Knox world pay’s text system is much simpler, avoiding hidden costs such as bus fares. Cryptocurrency exchange also charges much lower transaction fees than international bank transfers. Apollo fintech recently became the first blockchain to run a database-level sharding, making it the world’s fastest blockchain by reducing the long term data backlogs on blocks.
Such dexterity makes the Knox World Pay attractive to the unbanked population and anyone who pursues more straightforward and faster transaction speeds at lower costs.
Conclusion
The barriers of accessibility and usability are usually the most massive challenges to global financial inclusion. Knox world pay’s pioneer program promises to break these barriers completely. It even does so by enabling global access to one of the most exclusive financial transaction forms, digital payment methods.
By providing a global network of agents to link digital assets and those without internet access, the service offers an excellent financial access solution to the most economically marginalized areas. As implementation continues, the world stands to benefit from cheaper, faster, and simpler transactions.
