The use of cryptocurrency, settled in real life prior to blockchain technology

In developing countries, the use of virtual currency seems to be settling first rather than the real-life application of blockchain technology. Although virtual currency is mainly used as a method of payment, such as electricity bills and mobile data in developing countries, it is assumed that the nature of the money is easy to accept as a method of payment, not through banks.

Uquid, a British startup's payment company, has begun making payments with virtual currency XRP for mobile terminal and is available to more than 600 business organizations in 150 countries, including Japan.

With service partnerships with giant mobile communication company such as At&T of the United States and Japan's Tokomo and KDDI, users became to be able to charge mobile via "Uquid." Currently in Japan, an Internet telephony service called "Rakuten Viber" is providing virtual currency payment services. Mobile charging of virtual currencies such as XRP will be brought to the realization through partnership in network coverage by local mobile communication company.

How to use Uqid is to create an account on Uquid's official site, so that the service can be used. Also, it explains charged XRP where to use.

Mobile data payment

Bangladesh, El Salvador, Guatemala, Honduras, India, Indonesia, Nicaragua, the Philippines, Qatar and South Africa.

Indonesia-Payment of Electrical Fee

El Salvador, Guatemala--Payment of Food Products

Indonesia-insurance payment

Guatemala, Philippine-Payment in Pharmacy

U.S.-PIN lease Currency Payment

Nicaragua- Payment by Transportation Agency

Dominican Republic, Guatemala, India, Philippines-TV Receipt Payment

In addition, except XRP, 80 virtual currencies are also available for payment including bitcoin and Iderium.

As shown by service launch, we can predict the possibility of expansion of XRP about many aspects of daily life, but most of the countries which the services are actually provided are developing countries.

The supposition from the background is that the major reason is supplying of financial services that do not rely on banks.

What we can guess from the background is that the major reason is supplying of financial services that do not rely on banks.

For example, In Kenya, 27 million people, 60 percent of the population, are using electronic money and the volume of transactions is more than half of GDP. The reason is that due to the delay of supplying banking services,

People in Kenya prefer to use virtual currency payments because they can receive their payments via mobile phone without using bank account.

Moreover, demand for bitcoin is rising in Venezuela, where hyperinflation is a major problem, and the volume of bitcoin trading in China hit an all-time high in February this year.

In other words, what is called a delay of supplying banking networks in developing countries is that to make ease soil to accept electronic money, virtual currency as payment methods.

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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