Equal Digital Currency Access for All
The Covid-19 pandemic has adversely impacted people around the world in many ways. Those hardest hit include the nearly 2 billion people that do not have access to any banking. These individuals lack access to the most basic financial services but the future is bright as digital currency access for this group of people is on the horizon.
Because of their lack of access to traditional banking, many that are able to work cannot have their paychecks direct deposited and often have to resort to using other means to cash their checks. These other ways of cashing their paychecks include using local check cashing companies that charge inflated fees. These people also lack the ability to make bill payments using a bank account and resort to purchasing and sending money orders which also charge additional fees.
The good news is there are new ways for the underbanked to benefit from the digital asset marketplace developed by the folks at Fabriik. Led by CEO Roy Bernhard, Fabriik have sought to become the go-to platform for everyone regardless of financial stature.
“At the top is the Fabriik Smart Wallet, this crypto wallet premise is based on simplicity and accessibility. We feel that the next battleground for the digital asset space and the blockchain space will be about accessibility. Giving people the ability to use all that function and power but feel safe, protected, and be able to do it in a super simple and easy way, so the smart wallet is the manifestation of that,” said Bernhard.
Access to anything digital requires the ability for a user to have an electronic device capable of accessing and sending data. Globally, more than 4.3 billion smartphone users exist. While we don’t have exact data on how many of those users are adults, it’s safe to assume at least half. Many of those users, if not the majority, also fall into the group of underbanked individuals. This is where the rubber meets the road. Combine a global digital currency platform that is open to all users with the number of smartphones or other devices in use and you have a recipe for success.
A byproduct of providing billions of users with digital financial services they don’t currently have is that it may ultimately ruin the greedy check cashing businesses that feed off the less fortunate. Some of these institutions charge fees equal to 12% of the value of the check. Even traditional banks charge up to $10 per transaction for cashing a check if the presenter does not have an account.
To learn more about Fabriik and their plans for the future, you want to watch Coinscrum’s “Building a multi-asset trading ecosystem with Fabriik’s Roy Bernhard” on YouTube