The CEO and founder of crypto payments service Centbee gave an update on progress to developers at the recently held CoinGeek Seoul conference, as the firm continues to develop its innovative payment solutions in Africa.
The crypto payment ecosystem company, which is based in South Africa, is developing a number of products for payment and remittance on the blockchain, designed to make it easier for users in Africa and elsewhere to send and receive money, both domestically and overseas.
In an interview with CoinGeek, Gamaroff said the decision to build out the product from a base in South Africa made sense, given the country’s keen adoption of cryptocurrencies. In particular, he said a large part of the appeal comes from the low cost nature of payments delivered by Bitcoin SV (BSV), and the accessibility of cryptocurrency to both mainstream and unbanked users worldwide.
Centbee has already launched its over-the-counter crypto product, where users can walk in to virtually any major retail or franchise store in South Africa and buy crypto for cash, using a Centbee wallet.
Working with regulators, Gamaroff said the firm was continuing to explore new and innovative opportunities around payments and international remittance.
Announcing their new pilot service, Centbee Remit, Gamaroff said the early signs from users in South Africa had been positive. Through relying on peer-to-peer blockchain transactions, Centbee Remit is already delivering savings of up to 15% on international remittance fees—particularly relevant for users in some of the world’s poorest economies.
At the same time, Centbee Remit simplifies the process of sending money overseas, reducing the complexity and paperwork involved in the process. According to Gamaroff, the quicker, simpler, cheaper process offered by Centbee Remit was already providing a success with users—and all within the guidelines laid down by local regulators and the global Financial Action Task Force (FATF).
Centbee Remit saves on the 15% costs of cross border remittance, as well as reducing complexity and inconvenience. Simpler, cheaper process, while remaining fully compliance locally and with the policies set out by the FATF.
Centbee has already opened its first payment corridor, offering remittances between South Africa to Nigeria—Africa’s largest to second largest economies.
If successful, Gamaroff said the firm expects to roll-out payment corridors across the continent and beyond, allowing more consumers and businesses to access the convenience and flexibility of Centbee crypto payments.
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