The platform provides nationwide cashless transactions via SMS with other features to facilitate a nationwide blockchain payment platform
In a recent announcement, Apollo Fintech disclosed it had completed its National Payment Platform (NPP), a blockchain allowing central banks to issue digital currencies (CBDC) without a specialised development program.
The blockchain promises seamless peer to peer transactions with enough power to support an entire national economy.
The platform claims it, “enables regulated banks and commercial entities to harness the power of blockchain and facilitate frictionless transactions,” to save time and resources, which would make using a national digital currency much easier.
- Onboard integration for merchants to set up shop and sell directly on the blockchain
- Tamper proof and quantum-resistant encryption
- Payment could be facilitated through SMS
- Integration with POS to support in-store purchases
- The online wallet allows money transfer, deposit, and withdrawal
Apollo Fintech CEO, Stephen McCullah, stated:
“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.”
Providing extra value
Traditional banking infrastructures are often labor-intensive to operate, as well as slow, costly, and open to human error.
Blockchain could help to solve some of the current issues through the use of smart contracts, which are capable of replicating the function of traditional financial instruments – eliminating the need for costly labour and valuable time.
By collaborating with the government and the central bank, the benefits of blockchain technology could be deployed on a national scale. McCullar said this would enable “unprecedented efficiency, stability and economic control”.
In parts of the world, many people have either limited access to banking services due to exorbitant fees or are entirely unbanked. Some estimates state that there are 1.7 billion unbanked people around the world. By digitising banking instruments, it could be easily available to individuals with a smartphone and an internet connection.
With CBDCs being discussed by many governments — like the US, South Korea, Canada, and most notably China with its upcoming “digital yuan”, Apollo’s NPP may play an important role for countries that cannot afford to develop their own blockchain-based digital currencies.