Although blockchain technology has been around for a while, governments are only now making significant steps towards its adoption. One of the reasons for this is that blockchain technology helps eliminate intermediaries, including central banks and governments. For this reason, many sovereign states have always been against the emerging technology.
Apollo Fintech is a globally leading fintech solutions provider. The company has come up with several lucrative projects that employ blockchain technology for government, commercial, and individual use. One of its newest innovations is the National Payment platform, which we will delve into in this article and uncover how it works.
What is the Apollo National Currency Payment Platform?
The Apollo National Payment Platform (NPP) is an innovative cashless system that runs on blockchain technology and is designed for national adoption (similar to central bank digital currencies – CBDC). Through this system, governments will be better placed to issue sovereign stablecoins to their citizens through the central banks. Once a government issues a national currency, commercial banks, agents, and individuals can join the national currency system and then use it for instant transactions of the nation’s currency.
Apollo’s national currency system seeks to solve the issue of physical bills. Most countries in the world use physical bills, which take up a significant GDP to develop and maintain. This innovative system from Apollo Fintech allows sovereign states to switch from physical bills to a system that renders low maintenance costs while supporting the circulation of national digital currency.
Additionally, the platform allows governments to leverage the benefits that blockchain technology offers to ensure an efficient and transparent working system.
Significant Features of the Apollo National Currency System
As a national currency system, NPP can power an entire economy. This means that besides the central bank and commercial agents, the system will allow merchants and individuals to participate in peer-to-peer transactions through several methods, including SMS, offline codes, apps, QR codes, and even bank cards. Here’s a look at the significant features of the platform.
- Approved CBDC
For the system to work, sovereign nations have to come up with an approved central bank digital currency. CBDCs, by themselves, pose a variety of benefits to countries. The approved CBDC will work alongside Apollo Cash, another of Apollo Fintech’s products. Apollo Cash aims to replace the traditional payment system by facilitating frictionless digital payments.
- Complete Accessibility
The national payment platform allows all users to access the system and its services through various channels. Individuals and merchants can use online wallets to make deposits and withdrawals. The system also permits money transfers abroad and across wallets. Users will also be able to check their accounts and make payments using SMS only.
Additionally, users can add bank cards for easier deposits and withdrawals directly from their accounts. They will also be able to access the system across the entire country through approved agents and banks.
- Online Sign-up
Once the system is up and running, merchants and citizens will have to sign up online to access the services. The online sign up will help facilitate the P2P payments of goods and services throughout the entire country. Vendors will be able to use point-of-sale (PoS) systems to sell their products and services in the country. The system will allow them to publish a catalog of their goods on the platform and directly collect their payments.
- Quantum Resistance
Because the system runs on the Apollo blockchain, it also comes with the blockchain’s significant features. One of these is the resistance to quantum. Apollo blockchain is the world’s first blockchain to offer actual resistance to quantum. Therefore, when quantum technology finally makes its way around to the world, Apollo, and subsequently its national payment platform, will remain largely unaffected by it.
Benefits of the Apollo National Currency Platform
NPP will pose several benefits by the mere fact that it runs on blockchain technology. However, the Apollo blockchain is quite remarkable and offers some unique advantages. Because of Apollo’s unique features, the payment system will pose several unparalleled benefits.
- Faster transaction speeds – blockchain technology is generally known for fast transaction times. However, Apollo blockchain is the world’s fastest blockchain, with transaction speeds of sub-seconds to two seconds. Users of the national payment system will benefit from these transaction speeds.
- Reduced financial crime – financial crimes in the traditional payment system thrive because of reduced transparency. NPP runs on an unhackable ledger that offers complete transparency of all transactions, which will play a significant role in eradicating financial crime. When used together with the national ID registration system, nations are better placed to eliminate identity fraud.
- Increased mainstream adoption – blockchain enthusiasts across the world are looking to increase mass adoption, seeing as the technology has a variety of lucrative features. The adoption of the national currency system by countries across the globe will help achieve this goal faster. Besides, bringing in sovereign nations into this technology will help drive faster mainstream adoption of both cryptocurrencies and blockchain technology.
- Financial services for the unbanked – Statistics from the World Bank show that 1.7 billion adults don’t have an account with any financial institution. Therefore, the unbanked citizens of any country have limited access to financial services. This system will help ensure that anyone who has a mobile phone can access instant financial services regardless of whether or not they have a bank account.
The Apollo National Payment Platform by Apolo Fintech is an excellent innovation. This system allows sovereign nations to leverage the benefits of blockchain technology and those of CBDCs as well. NPP provides a platform for citizens, central banks, and other entities in a nation’s economy to send and receive the national currency at no extra costs and faster transaction speeds. Best of all, it helps get rid of physical bills that are expensive and provide financial services to the unbanked.
Undoubtedly, the national payment system has several benefits to offer, and countries that embrace the technology will have taken a giant leap towards blockchain mainstream adoption, a technology that is already providing meaningful solutions across various industries.