FlexID, a Zimbabwean-based blockchain identity startup, has introduced FlexPay, its P2P service, on the Algorand blockchain mainnet.
Dear #AlgoFam, our P2P Service #FlexPay is now Live on mainnet!
FlexPay operates exclusively via WhatsApp & is @PeraAlgoWallet compatible. For now, we support Algo & USDC.
What's cool? VOUCHERS! Load crypto like loading airtime! Quick onramping. Create or Redeem Algo/ USDC… pic.twitter.com/O3ExFbsSzh
— Victor Mapunga (@victor_mapunga) August 3, 2023
FlexID is on a mission to create a self-sovereign identity platform. This is a digital identity network that FlexID is fronting to address the problem of many poor people lacking identification in some parts of Africa.
The startup has indicated it is building a decentralized marketplace of people. In this marketplace, each person is seen as an API (application programming interface) where they can communicate with different services with financial services being a key part of this element.
Previously, when the company raised funding from the Algorand blockchain, the lack of identification by an estimated 400 million Africans means trouble accessing essential services, including banking services.
According to FlexID Founder, Victor Mapunga:
“Identity is foundational to modern-day commerce. Without an ID, one cannot participate in the economy even at the most basic levels such as access to basic telco services, mobile money and banking.
“Without an ID, education and healthcare become extremely difficult to access. On the other hand, the shambolic national records further increase the cost of doing business. With FlexID, even the informal sector can transition from an isolated view to a formalized economy. Farmers can easily access credit and inputs.”
At the time of the Algorand raise, the company mentioned it would be expanding its product on the Algorand blockchain which now seems to be the case with FlexPay.
Currently, users can access their wallet directly from the WhatsApp interface without the need for a separate app or website. This can save time and effort for users, particularly those who may not be tech-savvy.
“Our wallet offers a seamless and convenient way for users to manage their finances directly from their mobile device, even for those who are new to digital wallets or have limited access to the internet,” the company says on its website.
According to FlexID, by linking their bank account or debit card to the wallet, users can easily send and receive money, pay bills, make purchases, and access additional features such as budget management tools and investment options, all directly from the WhatsApp interface.
In addition, by integrating the wallet to the Algorand blockchain, a raft of cryptocurrency possibilities are available, including the ability to create or redeem Algo/ USDC Voucher codes.
