Blockchain company Apollo Fintech touts its new system as tonic for national digital currency headaches.
Blockchain firm Apollo Fintech has announced the completion of its National Payment Platform, or NPP on August 12. This new blockchain platform is a cashless system that supposedly enables a central bank to issue central bank digital currency for national adoption.
The NPP system reportedly allows a government agency and central bank to onboard commercial banks and agents after CBDC is issued.
It will include features such as SMS, QR codes, cards and offline codes on a mobile application that allows individuals and merchants to transact in a hypothetical CBDC.
CEO of Apollo Fintech Stephen McCullah said, “[NPP] allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale.”
NPP is said to remove barriers to accessibility and usability by allowing physical access from any agent locally. Users can also complete CBDC transactions via text messages, meaning that older cellphone models can theoretically transact. McCullah said:
“By solving accessibility and usability challenges, NPP in conjunction with Apollo Fintech’s other financial innovations can lead to accelerated mass adoption of digital payments and cashless transactions.”
As Cointelegraph reported previously, countries globally such as China, Canada and South Korea are looking into implementing their own CBDCs. Yesterday, Cointelegraph reported that China is rolling out its digital yuan for testing in the greater Hong Kong area.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.