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The Nigerian cryptocurrency exchange Yellow Card says its new payment feature, Yellow Pay, makes it easier for customers to send and receive money through its platform – especially in African countries.
Yellow Card operations director Oparinde Babatunde says it is often easier to send money from Nigeria to the United States than to transfer money to fellow African countries. For example, sending money from Nigeria to Ghana or Zambia is particularly difficult, and usually done via United States dollars.
“Yellow Pay simplifies money transfer between African countries by building a solution that understands the way Africans already interact with financial products. We’ve managed to simplify it further by reducing costs and waiting time of remittance across the continent drastically compared to traditional money transfer rails. With Yellow Pay, Africans can send money across borders using their phones,” he says.
Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT. It is important to note that Yellow Pay is not a money remittance or foreign currency exchange service. Rather, Yellow Pay is considered an advanced crypto exchange product.
There are several benefits to using Yellow Pay, explains Babatunde.
The service is powered by blockchain technology making it cheaper. Secondly, transactions are instant so there’s no waiting period. Money transfers are free and there is diverse functionality, from sending money for business, school and healthcare to gifting cash to friends and family across Africa, pay vendors in other countries, receive payment for services, and paying bills and fees in other African currencies.
Oparinde adds, “The people that will benefit from Yellow Pay the most are the unbanked and underserved people living in peri-urban areas and rural parts of the continent. They usually do not meet the necessary requirements to open a dollar account with banks and as such are cut off completely. Yellow Pay will service this market.”
The launch of Yellow Pay not only makes it easier for money transfer but also opens up the continent to more investment, access to credit, business grants and generally will improve the ease of doing business.