QuantumPay leverages the ethereum blockcahin technology to provide financial services to all easily with a much lesser transaction fee. QuantumPay uses the groundbreaking technology to ensure all unserved or underserved populations enjoy banking in a new and improved way. With the QuantumPay mobile wallet, users can enjoy seamless services. The mobile wallet allows users to transfer funds anywhere in the world in a matter of minutes.
The three pillars that hold the life of men as we know it (clothing, housing, and food) are built on a foundation that is very strong. This foundation is finance. Anyone without a financial backing will lose the right to life’s basic necessities. Banks and other financial institutions came onto the scene to help alleviate lack of money or poverty. Through banks we can save money, get loans, etc. to help cater for life’s basic necessities and fulfill our dreams. The banking system over the years is not without dent as there are certain populations that are either underserved or unserved. This population can be known as the unbanked. Financial services are supposed to be accessible to everyone but only a few populations get served adequately.
Why are some unserved or underserved?
- Distance from Banking Locations: Some live in areas where banking facilities cannot be accessed. These areas are far from urban areas where banks are. Banks cannot afford to build facilities in these areas because of the cost implications and security.
- Transaction Fee: Some are underserved because of the transaction fee bank charges especially for a cross-border transaction. The transaction fee for transferring funds to another country is especially very high and it takes days (if not weeks) for transactions to be completed.
- Documents: Some people cannot access financial services because they are deemed ineligible for lack of some documents to properly identify them.
- Mama Sikiru is an elderly who lives in Alaguntan, a village in Nigeria which is far from the city where there is a bank. Her only son, Sikiru, lives in the United State of America where he makes a living. Occasionally Sikiru has to send money to her mother who is also illiterate to pay her bills, buy mobile top-ups (so she can call her son from time-to-time), and have some cash to keep up her living. Sikiru has to go through the rigor of using banks to send money which charges an exorbitant fee per dollar he is sending to Mama. Mama, on the other hand, is illiterate, lacks proper documents to have a bank account so she has to use Jogunomi’s, a neighbor. Jogunomi is untruthful in his dealings with Mama as he overcharges Mama for using his account and takes a lot of money from her since he is the one to help Mama withdraw the money. Such is the fate of a woman who is supposed to be enjoying the full benefits of a child she trained.
- Bala Corp is a big company in Ghana which leverages the latest technology to execute its operations. Bala has employees all over Africa who help to fulfill the vision of the company. But he has a challenge when the time comes to pay the salaries of his employees, he has to send funds to different countries all over Africa. This is tedious, takes a lot of time and transaction fees to complete transfers to his employees. He is already considering letting go of his employees for the Wahala (challenge) is becoming too much.
QuantumPay to the Rescue – Transactions got better
QuantumPay leverages the ethereum blockcahin technology to provide financial services to all easily with a much lesser transaction fee. QuantumPay uses the groundbreaking technology to ensure all unserved or underserved populations enjoy banking in a new and improved way. With the QuantumPay mobile wallet, users can enjoy seamless services. The mobile wallet allows users to transfer funds anywhere in the world in a matter of minutes. QuantumPay ensures the security of all it user’s funds through 2Fa security and improved Private Key security. Users can pay bills, do online shopping, top up mobile, book hotels, etc. with the Quantum Mobile application.
QuantumPay is not stopping there, it is making its services available to all even those who do not have access to internet facilities. Through the Qpay SMS service operator, people without internet connections can access the services listed above without stress.
With QuantumPay, a company can easily send the salaries of its employees to them in a matter of minutes no matter the distance.
Advantages of QuantumPay as a Financial Services Platform
- There is no need of excessive documents except ones to verify identity for KYC protocol to become an eligible user of QuantumPay.
- There are no barriers of location since all users are served both online and offline.
- Since QuantumPay is built on the blockchain technology, the transaction fee will be very low no matter the distance compared to traditional money transfer.
- All transactions will be recorded on the blockchain where they remain permanent and cannot be changed or hacked.
Use Cases- QuantumPay Transaction
- Now Sikiru can safely and securely send money to Mama Sikiru without worrying about the enormous transaction fee charged before. The transaction will be completed within few minutes. Mama will no longer have to succumb to the tyranny of Jogunomi who steals from her for using his account. Mama can receive funds from her son via her phone through QuantumPay SMS operator. She can now use the funds received to pay bills, buy mobile top-ups to call her son from time to time.
- Bala Corp doesn’t have to give up on it employees scattered all over Africa. Through the QuantumPay services, Bala can now pay salaries of his Employees in minutes and lesser transaction fee no matter the distance.
QuantumPay is opening up a new dimension of banking for all. In its vision, QuantumPay will serve all and allow both online and offline users to become beneficiaries of groundbreaking technology. Not just this, the blockchain technology will experience a new wave of adopters from all over the world.
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