Latest news with #Celo
The South African
10 hours ago
- Business
- The South African
Web3 Will Be the Driving Force for Financial Inclusion in 2025
As the World Bank reported in October 2024, the total number of people worldwide living under the poverty line has barely budged since 1990. 44% of the world's population lives on less than $6.85 per day, with 8.5% of the population, totaling 700 million people, living on less than $2.15 per day. There are numerous factors driving this persistent poverty, but there's one in particular for which Web3 and blockchain technology may be a solution: financial exclusion. 1.4 billion people, or around 17.5% of the world's population, is without access to banks and other basic financial services. These unbanked individuals are essentially cut off from the global economy, relegated to a life of poverty. However, with the continued expansion of the Web3 ecosystem, widespread financial exclusion could give way to increasing financial inclusion, which in turn could make a tremendous impact on reducing poverty across the globe. Some of the biggest crypto industry leaders have stepped up to focus their organizational mission on helping the unbanked population gain access to the financial tools and resources they need. One of these leaders is Binance CEO Richard Teng who explains their company vision around providing financial inclusion, 'At Binance, we're breaking barriers to empower the 1.7 billion unbanked worldwide through intuitive tools, regulatory collaboration, and open access. Financial freedom shouldn't be a privilege.' Teng added, 'Our goal is to expand Binance into a global leader that operates with the highest standards of compliance and transparency. We are working closely with regulators worldwide, while driving innovation in Web3 and financial inclusion. Our mission remains to provide secure, seamless access to crypto for everyone, everywhere.' There are several reasons why so many around the world experience a lack of access to basic banking services. These reasons range from exorbitant fees charged by banks in many developing countries, stringent deposit requirements, and complicated application processes. However, blockchain-based banking platforms cut out these burdensome middlemen and offer a lower-cost, more accessible alternative to traditional banking. These platforms, accessible via smartphone, enable consumers to conduct a variety of financial transactions, from simple deposits and withdrawals to digital payments and international remittances. That's not all. Along with offering an alternative to basic banking, these platforms also stand to help facilitate greater inclusion and access to business and personal loans. Decentralised finance (or DeFi) platforms specialising in microlending and social impact investing have already started to emerge, including Celo and Ethiclub. These platforms help to connect impoverished farmers and business owners in developing countries with short-term loans funded from lenders in wealthier countries. Poverty is a social issue as old as time; don't expect it to go away overnight. Even so, the rise and continued growth of the Web3 sector may help to increase the pace in which blockchain-powered financial institutions begin to give their traditional banking counterparts a run for their money. Last year, $9.33 billion in venture capital funding was committed to crypto startups, setting new records. A good portion of this capital has flowed into the coffers of DeFi and other crypto financial services startups. With this, new innovations could emerge that could help to provide a further boost to crypto's potential to serve as a vehicle for greater financial inclusion. Moreover, any initial success with Web3 platforms as a means to provide financial inclusion to the unbanked and underbanked could attract private and public capital into this area, as investors and decision makers become convinced that the rise of Web3 is a strong solution to the financial exclusion issue. So far, blockchain technology has already started to promote financial inclusion in ways that policies and programs implemented by governments and non-governmental organisations (or NGOs) have failed to achieve. There are many such examples of this, playing out in various regions of the developing world. For instance, in Africa, a blockchain-powered payment platform called Boom Pay has achieved great success connecting the unbanked and underbanked with the global economy. In Asia, blockchain technology is helping to provide banks with a less risky route towards penetrating the unbanked/underbanked market, leading to increased financial inclusion throughout the region. The evidence is growing that Web3, not governmental policies, handouts, or other means, stands to be the most effective way to reduce financial exclusion, maximise financial inclusion, and make significant progress in alleviating global poverty. During 2025, a greater number of market participants and decisions could start to appreciate this fact. In turn, acknowledging that Web3 will be the driving force for financial inclusion, in 2025 and beyond.
Finextra
13-05-2025
- Business
- Finextra
MiPay stablecoin wallet now available as a standalone app
MiniPay, the award-winning non-custodial stablecoin wallet built on the Celo blockchain, is now available as a standalone application on both iOS and Android, offering a cutting-edge solution for seamless global payments and financial inclusion. 0 MiniPay now available as standalone app for iOS and Android, redefining global payments with a frictionless stablecoin wallet for real-world use Originally launched within the Opera Mini browser, MiniPay has seen more than 7 million wallets opened across 50+ countries. MiniPay's release as a standalone app on Android in October has generated a further million downloads, while the wallet's expansion to iOS completes the ecosystem: now, users worldwide have an intuitive, low-cost platform to send, receive, and spend stablecoins instantly and securely. Coming from a company that has been delivering web access to everyone, regardless of their location, network or device, MiniPay translates this mission into the world of payments - offering equal access to stablecoins and easy payments to all. Built in partnership with Celo for a mobile-first generation and designed to bridge the gap between traditional finance and Web3 innovation, MiniPay facilitates global transactions without the fees, delays, and complexity typically associated with cross-border or peer-to-peer transactions. MiniPay connects the traditional financial system to this new way of interacting with money and the web. 'MiniPay represents a new chapter in user experience: a simple, affordable dollar wallet that anyone can use, anywhere,' said Jørgen Arnsen, EVP Mobile at Opera. 'With this launch, we're removing the barriers that have kept financial systems out of reach for too many people for too long, and delivering a real alternative for savings, payments, and cross-border transactions.' A simpler, smarter way to move money globally With international remittances and digital nomadism at an all-time high, the need for fast, reliable, and low-cost global payments is more relevant than ever. MiniPay meets this demand with: • Simple onboarding with no seed phrases and no crypto jargon - users sign up with a Google or iCloud account and phone number. • Instant, low-fee transfers: Dollar-valued stablecoins such as Tether's USDT can be sent globally in under two seconds for less than $0.01. Users can furthermore swap for free between supported stablecoins thanks to the Pockets feature, developed in partnership with Mento Labs. • Microtransaction optimization: Designed for small-value peer-to-peer payments, starting from $0.10. • Real-world usability: MiniPay allows users to pay their bills (in selected countries), top up mobile data, purchase global eSIMs, shop, and donate - all directly through MiniPay's integrated Mini Apps ecosystem. MiniPay is the best way to use stablecoins in the real world. • Global on/off ramps make it easy to move funds between stablecoins and local currencies from $1 and up via a wide network of partners, including Ramp, Transak, Binance, Unlimit, Yellow Card, Partna, Banxa, Fonbnk, Cashramp, and more. • Local payment options: MiniPay supports local payment options - from bank transfers and mobile money to voucher-based systems - allowing users to interact with their digital dollars in familiar ways. 'By removing crypto complexity and delivering real-world functionality through its robust Mini app ecosystem, already opened by more than 5 million users weekly, MiniPay serves as the gateway to the new onchain economy,' said Rene Reinsberg, Celo Co-Founder and Celo Foundation President. 'By leveraging Celo's fast, cheap, and global payments network, MiniPay sets the gold standard for stablecoin-powered payments and applications, and will continue to platform digital currencies to millions.' A travel wallet for a global economy MiniPay also serves the needs of the modern traveler. For users visiting Africa, Latin America, or Southeast Asia, MiniPay can function as a global travel wallet, enabling simplified spending, stable dollar savings, and mobile access to local services such as global eSIM purchases and direct bill payments. Travelers no longer need to deal with currency exchanges, hidden card fees, or setting up local bank accounts. With MiniPay, they can load stablecoins and pay locally with ease. 'MiniPay is one of the rare cases where blockchain works quietly in the background while users enjoy the simplicity of an app that is as easy to use as any standard mobile service,' added Arnesen. Non-custodial control, maximum simplicity MiniPay combines the self-custody security demanded by today's users with the simplicity of a Web2 app interface. Users retain full control over their assets at all times, ensuring transparency, autonomy, and privacy - without the complexities typically associated with crypto wallets. There is no need to manage private keys manually, worry about gas fees, or interact with external wallet providers - everything is embedded in a single seamless app experience. MiniPay is powered by the Celo blockchain, a mobile-first Ethereum Layer-2 network designed specifically for fast, affordable real-world payments. The MiniPay standalone app is available for download on iOS and Android devices, offering global users expanded access to MiniPay's fast, easy, and secure digital payments.
