Digital Banks Connectivity

PundiX was started to cater the unbanked population of the world.

Problem 1: A big majority of the population around the globe either doesn’t have the literacy to feel comfortable banking or they find it too cumbersome.
Solution: Digital banking apps are enabling this consumer class by allowing them to open a bank account on a registered SIM card & manage all of their banking activity on their phone. Now they can take advantage of digital banking without having to walk into a bank & doing paperwork. This became a big hit among developing countries with large populations (China, India, Pakistan etc.)

Problem 2: The big success of digital micro banks attracted many players. Now shop/vendors had to register with 4-12 digital banks to cater their clientele.
Solution: A unified barcode account system (like swift code) is being developed in countries, which will allow users of different registered digital banks to do transactions with each other (cross banking) using this unified barcode.

Problem 3: As an XPOS user/vendor, I’m looking to send money internationally to my contacts who might not be familiar with cryptocurrencies or digital wallets. They find traditional banking challenging and generally possess basic literacy skills, although they or someone they know can navigate digital banking on their phones. To transfer funds, I need to sign up for the digital banking apps popular in their countries and figure out how to deposit money into these apps. For sending payments to freelancers or workers across different countries, I might have to register with multiple digital banks or use services like Western Union or WISE.
Solution: integrate XPOS with the unified barcode account system in each country.

  1. Now I can use crypto to send money directly to someone’s digital bank overseas.
  2. If user’s digital bank allows (optional), they can purchase crypto through their app.
  3. XPOS can be the bridge for international transfer (digital bank of one country to digital bank of another country).

Bridging crypto with fiat will improve real world utility and truly help the unbanked. Thoughts?@zaccheah @Peko