Globally, about 31.5% of people over 15 years don’t have a bank account, limiting their access to financial services. As a result, several impressive inventions and innovations have been made to aid breach this gap, such as cryptocurrencies. Crypto coins’ blockchain-based nature necessitates users to have a stable internet connection to transact; it limits their widespread adoption.
As a result, Knox World Pay is a result of pioneering a fantastic solution to this significant hurdle, with the ability to reach even those without access to traditional financial services. It is a truly global solution to mass adoption, and access to cryptocurrencies as a transaction means.
About Knox World Pay
Developed by Apollo fintech, Knox World Pay is a cryptocurrency payment service provider to provide financial services to people living in the most remote or economically marginalized areas. A key characteristic of inhabitants of such places is deficient access to smartphones or internet-enabled devices.
The provider’s strategy is hosting a payment system supported by every mobile phone type, thus capitalizing on the relatively higher mobile phone penetration rates. Up to 70% of the population in developing countries own a mobile phone.
How it Works
Knox world pay approaches the issue of banking the unbanked by first creating widespread access to its services. The service then allows for an easy and aided coin depositing and withdrawal process. A simplified sending method then completes the whole process to make it easily usable to all walks of people
Accessing cryptocurrencies is quite challenging, even in the more advanced nations. Signing up for an exchange and eventually depositing coins requires some time, good background data regarding the exchange platform to avoid cyber fraud, and an internet connection. These requirements are enough deterrents to the unbanked population, who are usually without any internet access. Such people are typically unable to access even the most basic traditional financial services save for cash.
With this platform, however, the barrier between the digital and physical world is breached. Agents, who can be anyone willing to sign up, are distributed all over the regions without internet access. They aid clients with making deposits, making withdrawals, and even buying credit.
Easy depositing and withdrawing
Knox World Pay is building a global network of agents to enable ubiquitous accessibility to cryptocurrencies by users. A key emphasis is on the regions with high unbanked population rates. Here, the service surmounts the second key barrier to financial inclusion, the barrier of accessibility.
The agents act as links to digital payments for those without internet access by first signing up through opening accounts for new users. They then help the users make deposits to these accounts and buy their credits, allowing them to make withdrawals in local fiat currencies.
The agents can also recruit sub-agents, enabling the deposition and withdrawal of cryptocurrencies in as wide an area as is possible. It thus becomes an ever-morphing solution that adapts to any changes in the demand for financial inclusivity.
Simplified sending methods
Knox WorldPay has inaugurated a straightforward method of sending coins. Users transact using a simple text. In just 1-2 seconds, a user can send cryptocurrencies using a messaging system linked to Apollo servers. This offline ability to transfer cryptocurrencies surpasses the huge usability barrier in which stable internet access is a requirement to use digital payment services. A QR code scan, physical blockchain-backed bill, and coupons, amongst many other forms, are also added transaction modes.
Knox World Pay allows for more leisurely day to day use of its digital assets through their backing via fiat money. Withdrawal of digital assets in the form of paper money becomes possible. Other coins, such as Bitcoins and Ethereum, are also wrapped in Apollo coins, enabling their conversion into fiat currencies.
A Leader in Pioneer Projects
While the trade of cryptocurrencies is a rapidly evolving form of transactions with several offline storage options in place, no other platform has created the ability to transact offline other than Knox WorldPay. It is also a pioneer and the only system to date in which the sending of bitcoins, ethereum, and many other crypto coins is instantaneous via an SMS and coupon codes. The system also allows for transactions through visa and MasterCards.
Such transactions are hosted by the Apollo blockchain that is the pioneer blockchain in running a database-level sharding. This process reduces the long term backlog of data on blocks, making it the world’s fastest blockchain. The sharing enables wrapped Bitcoins to be transferred in less than 2 seconds using a wide array of methods.
Wrapped Bitcoins also solve the issue of its sustainability while also adding such a vibrant practicality aspect to the coins that everyday use by anyone from countries at all development levels is possible. Together with a vast global chain of agents, this aspect enables a true mass adoption of cryptocurrencies. All three are aspects Knox World pay is a pioneer at.
This solution to all issues hindering the mass adoption of cryptocurrencies offers an efficient solution to the barriers to local and international money flows. The costs are also cheaper than more traditional money transfer methods, which require a trusted third party. Blockchain systems’ accessibility is transformed from a minimal proportion of people with reliable internet and knowledge in exchanges to, potentially, the entire global population.
A true solution to the unfettered financial inclusion, the success of Knox WorldPay lies in enabling offline transactions of cryptocurrencies by users. The offline nature allows the most economically marginalized and rural areas to access digital payments through locally based agents and via any mobile phone.
Knox World Pay via the Apollo blockchain offers an exciting new reality in which the entire global population can participate in cryptocurrency transactions. Though the agent network is still in its developmental infancy and, as such, is yet to reach the desired global scale, its approach promises a bright future for banking.