Incubated by Binance, Bundle allows users to request, send, and receive cash or crypto from their peers, all for free
Africa is increasingly becoming a target market for digital assets and service providers. The continent has the largest youngest population in the world and with a median age of 19, it would be home to the majority of the largest cities of the World in the next 30 years. Just the perfect demographic, the novel app is looking to tap in to — young, digitally savvy, educated consumers with spending power.
Fresh out of the Binance Incubator program — the platform which spurs innovation and provides the launchpad & funding for top blockchain projects, Bundle gives its users the ability to send peer to peer (P2P) cash and crypto payments. The app has been initially launched in Nigeria, the biggest economy of the continent. Payments will be processed fee-free via a digital wallet provider on users’ mobile phones.
According to Binance Blog, the native digital wallet plans to become a super-app that plans to spread to 30+ African countries by the end of the year. Initial service will include Know Your Customer (KYC) verification procedures coupled with fiat withdrawal and deposit limits on transactions. These transactions can be processed via various payment channels such as cards, bank transfer, and Mobile Money as well as safely stored in Bundle’s SmartWallet.
“We built Bundle with the digitally native African user in mind. They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We decided to build a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app.”
~ Founder, Yele Bademosi.
The digital wallet mobile application is available at the Google Play store with the iOS version planned for launch in the coming weeks. To begin with, it would support digital coins like Binance Coin (BNB), Bitcoin (BTC) and Ether (ETH) as well as the local fiat currency (Nigerian naira, NGN), with plans to adding more fiat currencies as the mobile platform expands into other countries.
Although most of the countries are under-developed with a lack of proper financial infrastructure, 40% of the young, banked Africans prefer to use online transaction systems and use advanced financial tools. The success of other mobile payment platforms like M-Pesa in Kenya is a testament to this.
While a lack of well-developed financial infrastructure may pose a challenge for the economic development of this under-developed region, the same is also allowing for a faster innovation since they don’t have to tackle the massive red tape existent in many developed countries.
Leading crypto exchange Binance is expanding aggressively in the African market, while rival exchange Huobi also has a presence here through its Middle East and Africa subsidiary. No wonder Africa is becoming a fertile ground for crypto innovation.
Originally Published on Medium
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