BitPesa and SBI Remit teams up to leverage blockchain technology for cross-border payments. BitPesa is a digital treasury administration solution that uses blockchain settlement to bring down the expense and enhance the speed of payments to and from frontier markets.
Through the partnership with SBI Remit, BitPesa has made a safe, quick and easy-to-use forex solution for Japanese organizations. They can purchase and sell eight frontier market currencies with G20 currencies including Japanese yen. Businesses can do this right away from and to all major African bank and mobile money accounts.
There are in excess of 400 enrolled Japanese organizations officially active in Africa. They require a more consistent route for the African customers to be able to pay them directly.
African customers to deposit funds in their local currencies directly into BitPesa’s local bank account, Elizabeth Rossiello, originator and CEO of Nairobi, Kenya-based Bitpesa, told CCN. “They don’t have to do any change,” she said. “Our fees are much lower than most banks’ transfer charges.” Also, the transfer process would be faster than other banks.
Blockchain technology speeds up the payments by transferring money to SBI Remit through the payout network, and they pay out to their large Japanese network. There is a flow of funds by Africans to Japan.
Spotlight On Key Industries
Out of numerous developing industries in the Africa and Japanese, BitPesa and SBI Remit will center around specific industries. They are Japanese cosmetics, electronics, and used cars.
According to CNN report, one of the real demands in Africa is for used cars. A Kenyan looking for a Japanese used car online will need to follow a procedure. He will normally need to find a bank that will transfer their Kenyan currency into a G20 currency, and then convert that to Japanese yen before sending the money to the Japanese company’s bank account.
Recently, The Korean Times also reported a global accomplice for blockchain-based overseas payment service. LG Uplus has joined with global partners Japan, Taiwan and the United States to offer subscribers a blockchain payment service. The trial service depends on a cross-carrier blockchain platform called CCPS.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]