Yellow Card Launches Yellow Pay, A New Payment Feature
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August, 16 2022
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Yellow Card announces the launch of Yellow Pay as another stride in her effort to ensure that people across the globe enjoy the cheapest, fastest, secure and most reliable financial services.
We are pleased to announce the launch of our newest payment product, Yellow Pay. Since the foundation of Yellow Card about six years ago, our goal has remained the same: to provide financial inclusion for all. Yellow Pay is another stride in our effort to ensure that people across the globe enjoy not only the cheapest, fastest, and secure but also the most reliable financial services.
What is Yellow Pay?
Yellow Pay is Yellow Card's peer-to-peer money transfer product that allows anyone to send and receive fiat (local currency) across borders instantly. With Yellow Pay, Yellow Card customers can now send, request and receive funds across Africa in countries Yellow Card is currently live, except for South Africa.
Speaking on Yellow Pay, Director of Operations in Nigeria, Oparinde Babatunde, notes, "It is no news that it is easier to send money to the US from Nigeria than it is to send to Ghana or Zambia". He explains, "even when possible, it is usually through USD; that is a sender buys dollar with their local currency and sends that to the intended African country. This is then received and exchanged for the said local currency."
This creates a hurdle as Africans have to deal with the huge remittance cost of sending the money and exchanging it directly to their local currency. He continues, "With Yellow pay, users don't have to deal with all this huddle as they can send and receive money from the comfort of their home using the Yellow Card app and can either withdraw to their bank account or cash out from a mobile money agent near them." At the same time, the transaction is instantaneous, reducing the hours, days and even weeks it takes to conduct cross-border transactions.
How Yellow Pay Works
Yellow Pay is another milestone our team has been working hard to release to ensure seamless funds transfer for our customers. We understand that not everyone is keen on cryptocurrencies, but that shouldn't deter them from enjoying easy, fast transactions across Africa. Yellow Pay is a move beyond crypto to ensure you can send money directly from your Yellow Card account. The receiver receives it instantaneously, already converted to their local currency.
Yellow pay is powered by blockchain technology. Hence it is cheaper, faster and more efficient as customers can send money 24 hours a day and 7 days a week with minimal entry barriers - as any customer can easily onboard from the comfort of their home.
Although we will be using our crypto reels to facilitate these transactions, our customers can directly send, request and receive crypto without going through a tedious elongated process. Upon receiving the money, the receiver can withdraw to their bank account directly or to their momo account, depending on their preference.
How Yellow Card Customers Can Benefit From Yellow Pay
Expanding our products enables us to reach more Africans and helps smoothen the stressful process of remittance. Our efforts are focused on enabling financial inclusion for all, and Yellow Pay is set to achieve this and more.
Oparinde Babatunde continues, “Yellow pay simplifies money transfer between African countries by building a solution that understands the way Africans already interact with financial products. It even simplifies it further, reducing the cost and wait time of remittance across the continent drastically compared to traditional money transfer rails. With Yellow Pay, Africans can send money across the border using their phone numbers. This is very huge as it opens up the unbanked and underserved market.”
Here at Yellow Card, we recognise this and are committed to making financial services more accessible to Africans by allowing them to send, receive and request funds in local currency.
Get started with Yellow Pay today to enjoy these benefits and much more.
Disclaimer: Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT. Yellow Pay is not a money remittance or foreign currency exchange service