Thereafter, a government agency and/or central bank can add commercial banks and agents.
The entire platform has the capability to power an economy, from merchants to peer to peer transactions using its app, SMS, QR codes, cards, offline codes, and more. Authorized banks can onboard citizens and merchants for mainstream transactions including currency deposits and withdrawals, currency exchange, money transfers and payments for goods and services.
The National Payment Platform is the only blockchain-powered system that enables users to make digital payments through a sovereign currency. The NPP enables regulated banks and commercial entities to harness the power of blockchain and facilitate frictionless transactions. This allows economic participants to save large amounts of time and resources and enables an economy to gain massive efficiencies at scale.
Stephen McCullah, CEO of Apollo Fintech
Features include:
- Online sign-up by merchants and citizens to facilitate easy accessibility and onboarding
- Merchants can publish a product catalog to sell goods (and collect payments) directly on the platform
- Merchants can use the point of sale system to sell goods and services locally
- Deposit and withdrawal of funds via online wallet, as well as money transfers/remittances between wallets and abroad
- Add bank cards to top-up funds or withdraw money
- Generate efficiencies from frictionless transactions across an economy
- The future benefit of quantum-resistant encryption of data on an immutable distributed ledger
- Zero downtime of database
- Physically accessible throughout the country by government-approved agents/banks
- The ability to make payments and check account data using only SMS
