Financial empowerment is a global need, and the recent financial volatility and deteriorating economic situation have gradually become a worldwide concern. People have begun to explore innovative financial empowerment opportunities, and many have looked online for solutions.
Unfortunately, different regions around the globe, including African countries, suffer from systemic inadequacies limiting their ability to explore certain financial opportunities. For example, the lack of proper personal identification facilities affects the ability to maintain records or access some services, especially in finance.
A payment and connectivity platform like 3air is tackling personal identification and payment issues throughout the African continent using decentralization techniques and its novel technology.
Payment on the go
Mobile phones have become the interface for rapid and straightforward payments, allowing people to perform local and international transactions conveniently and on the go. Innovation in the sector has set a new e-commerce benchmark, with the industry clocking up to 4.9 trillion USD globally.
The 3air platform leverages the popularity of mobile applications to deliver and facilitate access to essential services such as identity management, payment, and credit line building. It allows users to perform diverse transactions using 3air tokens by offering low transaction fees and supporting easy currency conversion in multiple directions. The ecosystem also aims to offer financial and credit services in the future too.
3air aims to create an easy-to-use system that gives users control over their identity and credit line. This feature will also enable cross-collateralized and undercollateralized microloans, especially for Africa’s inhabitants. The main goal is to help Sub-Saharan Africans in credit building. Hence, 3air offers Digital Identities (DID) using the SKALE blockchain.
Qualitative analysis
Recent statistics show that mobile phone ownership in Kenya has reached 82%, which is only a few figures less than in the US. The penetration of mobile phones has affected mobile payment systems throughout Africa. It has even been observed online payment accounts have skyrocketed to reach a growth level of 200%.
3air is taking significant strides in mobile phone payments, offering innovative services to support its users. It is an affordable service provider that provides broadband connectivity to different regions of Africa while reducing operational costs.
Hence, through broadband connectivity, 3air will facilitate loyalty programs for its customers. Scams have always been a part of traditional banking and payment options. On the contrary, 3air will fix it by implementing security and fraud preventive features. Hence, trusting 3air will get you quick bankless payments and true seamless roaming.
Are mobile payment systems an affordable alternative?
As more mobile payment systems appear on the scene, this question gets asked more frequently. The general belief is that these systems may be complex for money transfers. However, many users find them to be easy and safe for online payments. Mobile payment systems also have the advantage of accessibility compared to any physical alternatives, allowing users to perform transactions anytime and anywhere.
3air is making a significant contribution to facilitating mobile payments for Africans. However, 3air has taken an indirect course to offer innovative services to support its users. Now people can channel their way into the 3air ecosystem using NFT subscriptions. It will act as a mediator by which people can avail of bankless payments by earning tokens.
Bankless payments offer many valuable services, including digital identities that secure users’ privacy. Users can also track their credit scores and access different loan options. 3air offers these utilities with additional functionalities through its extensive digital platform.
The competitive advantage of 3air’s bankless payment system
Mobile payment systems have changed the perspective on transactions and finance management, ushering in the age of convenience and comfort for clients. However, some payment systems, such as 3air, stand out by excelling at certain features and offering extra services that others do not.
Some of these features and benefits are listed below:
Accessibility
Mobile payment systems thrive on accessibility. 3air offers 24/7 accessibility to complete transactions and manage finances. Businesses lose clients because of delayed transactions. However, with round-the-clock accessibility features, users can perform transactions globally anytime.
Convenient transaction process
3air’s bankless payment system serves as a console to control their finances. It helps users to navigate their funds and track them until they reach their clients. Users can also automate transactions and manage their funds to serve unique financial goals.
3air charges a standard fee of 1% for every transaction. This relatively low fee motivates users to leverage its fast and affordable transactions.
Control over identity and payment line
Sub-Saharan Africans usually do not have credit line scores from traditional sources like employment, business, or other means. As a result, they lack the means for identification and payment. It is one of the biggest obstacles for 3air. To tackle this situation, 3air launches Digital Identities (DIDs) to provide verifiable identities to Africans.
Users can access various other payment options and loans with this additional payment data. The bankless system offers financial sustainability and empowerment. Hence, 3air will provide payment solutions through blockchain that are equally functioning in those countries lacking world-class banking systems.
Provision of microloans
It is virtually impossible to acquire a loan if you do not own a bank account or income records. This is another challenging situation for 3air as Africans usually do not have a bank account. However, with 3air digital identities and financial tracking, one could easily apply for a loan. Data on the blockchain will serve as a credit score for them. Hence, using 3air bankless payments, one can also acquire a loan.
Final thoughts
The internet has revolutionized many industries and is expanding into the mobile payment system and the Telecom industry. Consumers have migrated from traditional banking to online payments and other services, especially those offering extra services to be the complete financial management package. 3air’s bankless payment system offers all the best features of these services while ensuring safety and security by leveraging blockchain technology.
Source: https://www.cryptopolitan.com/financial-empowerment-through-bankless-systems/