Apollo Fintech has announced the completion of its National Payment Platform (NPP), an innovative cashless system that enables a central bank to issue a sovereign, digital currency (stablecoin) for national adoption.
Apollo Fintech, which has already signed agreements with the African Nations of Lesotho and Zimbabwe, is looking to help states transition from a traditional economy to frictionless digital payments.
Through NPP, Apollo Cash, Apollo Bank Network and other cashless innovations, Apollo Fintech has created one of the first comprehensive, blockchain backed, frictionless transaction systems that can collaborate with a central bank and regulated financial industry.
Speaking about the solution, Stephen McCullah, CEO, Apollo Fintech, said:
“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. This capability can bring enormous economic benefits to developing countries and to millions of banked and unbanked consumers.
Furthermore, by removing the two major barriers to blockchain, accessibility and usability, it can accomplish two historical milestones, true mass adoption of blockchain and banking the unbanked.”
Some of the NPP features include:
Online sign-up by merchants and citizens to facilitate easy accessibility and onboarding
Merchants can publish a product catalog to sell goods (and collect payments) directly on the platform
Merchants can use the point of sale system to sell goods and services locally
Deposit and withdrawal of funds via online wallet, as well as money transfers/remittances between wallets and abroad
Add bank cards to top-up funds or withdraw money
Generate efficiencies from frictionless transactions across an economy
The future benefit of quantum-resistant encryption of data on an immutable distributed ledger
Zero downtime of the database
Physically accessible throughout the country by government-approved agents/banks
The ability to make payments and check account data using only SMS
The platform is especially appealing to developing nations of Africa that are looking to deploy a blockchain-backed digital platform. The NPP removes the barriers of accessibility and usability by allowing physical access from any agent locally and by utilizing top up cards that could be sold in all major retailers.
Unprecedented usability is offered by allowing digital currency transactions via mobile SMS and text messages, so anyone can use the system and benefit from blockchain.
After central bank issuance, the NPP system enables a government agency and/or central bank to add commercial banks and agents. The entire platform has the capability to power an economy, from merchants to peer to peer transactions using its app, SMS, QR codes, cards, offline codes, and more.
Authorized banks can onboard citizens and merchants for mainstream transactions including currency deposits and withdrawals, currency exchange, money transfers and payments for goods and services.
“The National Payment Platform is the only blockchain-powered system that enables users to make digital payments through a sovereign currency.
The NPP enables regulated banks and commercial entities to harness the power of blockchain and facilitate frictionless transactions. This allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale.” ~ Stephen McCullah, CEO, Apollo Fintech
Apollo Fintech is developing world-shaping fintech solutions for a global economy. Its product categories include Government Solutions, Commercial Products and Consumer Products. Apollo Fintech’s new platforms and tools include National Currency System, Tax System, Commodity Exchange, Mineral Claims System, Government Bank Platform, White Label Payment System, Bank Network, Knox Exchange, DEX, Apollo Cash and Apollo Currency.