National Payment Platform (NPP) - The World's Premier Product for CBCD
Although a cashless economy may seem like a far-fetched idea, it is not far from reality. Several countries across the world have begun accepting cashless transactions, with Sweden and Canada leading the pack. However, other states like the US remain mostly sceptical about the mechanisms of how it works. Is it possible to have a cashless economy, and how would everything fall into place?
Apollo’s National Payment Platform allows nations to transition to a cashless economy smoothly. The system integrates seamlessly with other products from Apollo Fintech to ensure that countries can get rid of physical bills. Doing so helps to reduce the costs of producing and maintaining bills. Besides, the system will allow the state to use a digital sovereign currency.
Cashless Transactions in the National Currency System
The National Currency System primarily aims to help nations get rid of physical bills. Countries across the world use a significant portion of their GDPs to print and maintain physical bills. The National Payment System by Apollo allows governments to get rid of bills and replace them with cheaper options.
To help countries achieve cashless transactions, Apollo uses blockchain technology. However, the Apollo blockchain comes with some unique features. These features make it easier for NPP to be a workable solution for all countries. The two features that ensure sovereign nations can use the NPP for cashless transactions are the Apollo Blockchain and Apollo Cash.
Apollo Blockchain
Apollo Blockchain is the world’s fastest and most feature-rich blockchain. Transactions on the blockchain take sub-seconds to two seconds to complete. The Apollo blockchain, therefore, allows nations to use sovereign currencies for just about any transaction. Citizens can use the system to pay for goods and services. Merchants, on the other hand, can have their products on the blockchain and receive instant payments for them.
Another role that the blockchain plays in the NPP is providing an incorruptible ledger. As such, nations will be better placed to deal with issues of corruption, which is quite common with physical bills. Transactions on the Apollo blockchain will be recorded on a public ledger, which helps with keeping everything transparent.
Apollo Cash
Apollo Cash is another of Apollo Fintech’s products. This digital currency helps nations transition from the traditional payment system to the digital system. Apollo Cash aims to get rid of the conventional method that requires apps and websites. The currency helps to get rid of accessibility and usability issues so that a nation’s citizens can make payments and access money from wherever they are.
Apollo Cash allows users of the National Currency System to send and receive payments using SMS or NFC Cards. Statistics from the World Bank indicate that 1.7 billion adults across the world are unbanked. This means that these adults have a difficult time accessing banking services. Further statistics show that 1.14 billion adults globally have a mobile phone. By allowing access to send and receive payments using SMS, Apollo cash provides an opportunity for these adults to access financial services.
Other Apollo Products
Besides these two products, the National Currency system integrates with other features to ensure the seamless working of the system. To help drive the mass adoption of cashless transactions, governments must ensure that issues such as security and identification are well adhered to. For example, governments can incorporate the national identity system to ensure cases of identity fraud are eliminated.
Additionally, the Government Bank Platform helps ensure that a country’s central bank can monitor all the transactions sent and received within a country. The platform is secure so that no one can manipulate it, including the bank staff. Besides, the integration of the National Payment System and the Government Bank Platform will ensure transparency of all payments, a key feature in the mass adoption of cashless transactions by any country.
Mass Adoption through the National Currency System
Undoubtedly, Apollo Fintech is at the forefront of producing fintech solutions for governments, commercial use, and individuals across the world. The National Payment System is one of the government use cases developed by the company. The product uses a variety of features, including the Apollo Blockchain, Apollo Cash, and other products from the company.
By providing a solution that governments across the world can use, the National Payment Platform will play a significant role in the mass adoption of digital currencies. Governments can use the system to circulate their sovereign coins, and their citizens can use it to send and receive payments. The use of accessible features such as SMS and NFC cards ensures that a significant population will gain access to the financial services, a move that will help bring the masses into the revolutionary system of cashless transactions.
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