Digital payments are gaining more prominence in this era more than ever. The advent Of COVID 19 disease has placed the current payments system under scrutiny. There are concerns that the physical handling of cash helps spread the disease. Additionally, they are ineffective in private transactions.
Consequently, the world looks to digital currencies as an alternative medium of exchange. Even though COVID 19 has thrust these to the fore, initiatives to popularize them have always existed. These have seen shifts in some of the most conservative sectors, including world government. Many nations are warming up to the idea of Central Bank Digital Currencies (CBDCs), also known as digital sovereign currencies.
What Is the National Payment Platform?
CBDCs are the long term replacement of the fiat currencies. Beyond conception, nations are grappling with attaining their mass adoption. A platform to facilitate this is necessary. Here’s where Apollo Fintech’s National Payments Platform (NPP) comes in. It is a blockchain-based financial payment solution that will enable nations to roll out their CBDCs
Apollo Fintech is a market leader in providing financial solutions. Its products have generous support for each other. Consequently, the NPP deployment, together with The National Currency System and Apollo Baking network, will help nations achieve faster adoption of CBDCs. The two, just like NPP, support cashless transactions. Apollo’s aims at achieving financial inclusion through its innovative solutions.
On the issuance of CBDC, the NPP system sets in. It facilitates the Central banks to onboard banks and government-approved agents. After that, the banks and agents sign up merchants and individuals. The signups are online. Once the signup is complete, transactions can begin. Through the embedded wallets, individuals and businesses can deposit, withdraw, and transfer digital assets.
Features Of Apollo NPP
The NPP is full of exciting features. These include:
- Blockchain-based: the world-beating Apollo blockchain hosts it. This ledger is immutable and unhackable.
- Countrywide coverage– By incorporating banks and government approved agents, it covers the entire length and breadth of a nation.
- Swift payments: The NPP eliminates the barriers to timely payments. First of all, it removes intermediaries from transactions. Secondly, the digital nature of blockchain transactions allows direct trading.
- Remote registering: Individuals and entities can sign up wherever they are. Using the internet, they can sign up for services online.
- Zero downtime: The Apollo Blockchain, which hosts it, has database sharding capabilities. Therefore it cannot experience bloat and system degradation. The sharding capabilities makes it infinitely scalable.
- Supports cross-border P2P remittances: Its wallet function allows the transfer of funds across the borders.
- Integrates other Apollo products: It links The National Currency system, The Apollo Currency, and Apollo Banking Network. This way, it helps enhance efficiencies in the financial sector.
- Cashless: The NPP allows transactions in digital assets only. The primary currency is the CBDC. It has provision for the deployment of Apollo Cash too.
- Convenient transactions: The modes of transactions on NPP include using SMSs and bank top-up cards. These can be bought from retailers across the country. The bearer can then transact with his/ her account.
Benefits of Using Apollo’s NPP
There are several notable benefits of the NPP. NPP’s design enables it to power an entire economy seamlessly.
It Allows the Mass Adoption of Digital Currencies
Governments now have access to sustainable and innovative solutions for managing their stable sovereign coin through Apollo Fintech. The company is providing a leading solution for CBDC across the globe. The NPP will expose more people to the use of digital currency, encouraging mass adoption.
The platform offers several options to conduct transactions. Users can transact both online and offline. The NPP backs QR codes, web payments, SMS confirmations, desktop apps, mobile verification, etc. These methods benefit any trade or transaction by the citizens by giving them a couple of options. Besides, it eliminates the need to carry physical cash.
The Unbanked get Top-notch Financial Services
Apollo Fintech provides its services for all. It, however, emphasizes on banking the unbanked. These require financial inclusion. Yet barriers to access and usage impede that. By removing intermediaries, allowing online signups and SMS transactions, the NPP expands financial services’ reach to many.
Intermediaries can make transactions drag while in today’s world, time is money. The Apollo blockchain allows trade to take the shortest time possible. The blockchain has sub-second transaction rates.
The Apollo blockchain uses database sharding. The feature makes the NPP a sustainable and scalable network. Moreover, a cashless system ensures the governments save funds. Since it wouldn’t be required to print notes and mint coins, the government saves on expenditure. Again, the elimination of hard cash negates the need to set aside funds for their maintenance.
Since there are no Intermediaries involved, blockchain technology makes the transactions secure. Hackers find it hard to decode the system too. The users’ funds are very safe. The Apollo Blockchain is the only one capable of quantum resistance.
Digital assets will continue to grow in usage. To governments, this reality is not lost to them. The recent movements towards institutionalizing the use of digital assets is a pointer to that. However, for the successful adoption of CBDCs, there needs to be adequate infrastructure.
Well-grounded payment systems need adoption as technology is continuously evolving and better innovations to ease accounting. Apollo Fintech combines the best features and solutions for proper financial management. The central bank has a robust platform, allowing it to expand its financial capabilities. The National Payment Platform now enables the Central bank sustainably to run its CBDC. Apollo Fintech is leading in the development of better innovative and grounded financial solutions.