Viome is a digital P2P transfer platform powered via Blockchain and Visa Direct. Vio users can send and receive funds – domestically & internationally – to another user’s profile or wallet address. Users can then exchange Vio tokens to local currency, directly to their Visa debit card account. No transfer fees. No foreign exchange markup.Vio leverages the Ethereum blockchain, in combination with Visa Direct, to create an innovative digital P2P transfer platform. The Ethereum blockchain provides the mechanism for users to instantly send and receive funds, domestically & internationally, and Visa Direct is then used to disburse fiat currency seamlessly, securely and directly into a user’s Visa Debit card.
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How Vio Works
Vio is a digital P2P transfer platform
Viome leverages the Ethereum blockchain, in combination with Visa Direct, to create an innovative digital P2P transfer platform. The Ethereum blockchain provides the mechanism for users to instantly send and receive funds, domestically & internationally, and Visa Direct is then used to disburse fiat currency seamlessly, securely and directly into a user’s Visa Debit card.
Viome In a changing global payments environment, emerging technologies have opened up new ways for fintechs to reach previously excluded populations of the world. The advent of the blockchain has enabled remittance start-ups to take advantage of the P2P network of the blockchain to enable quick, secure and cost effective transfer of money between individuals across the globe. The blockchain use case is therefore well served in underdeveloped markets, particularly those in Africa.
Viome Direct offers real-time push payment capabilities that use Visa’s global payment system, one of the world’s largest electronic payment networks.1 Through a participating financial institution, businesses and consumers can use the Visa network to send money to over one billion eligible Visa card accounts.
Digital transformation in Africa
The high cost of remittances
Global Remittances totaled $429 billion in 2016. In some poor countries, remittances make up more than a quarter of national income. Currently, it’s expensive to send money overseas, which is especially damaging for the immigrants sending small savings home to the developing world. The World Bank says transaction fees average 7.5% globally, however, in many remittance corridors, they’re a lot higher.
The Vio is a native app (iOS and Android), containing the following functionality (market roll-outdependent):
• Profile & Wallet
• Send funds domestically & internationally (either to another profile or wallet address)
• Exchange tokens to fiat (directly into debit card via Visa Direct)
• Top-up purchase of tokens (using Visa/Mastercard)
• Request funds from contacts
• View transaction history
• View Information section (About, Terms and Conditions, Policies)
Vio does not charge any transfer fees or have any exchange rate mark-up for the use of its payments transfer service. Instead, revenue will be generated by trading Vio tokens, both on digital currency exchanges and within the Vio app. This revenue will be used to cover all sponsoring Bank and Visa Direct processing related fees.
Bank Program Sponsorship
United Bank for Africa Plc is a leading pan-African financial services group, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France. The Bank provides services to over 14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile
With the advent of token technology, innovative applications built on top of blockchain technology can be created utilising pre-existing crypto infrastructure.3 Vio leverages blockchain technology, in combination with Visa Direct, to build a digital P2P remittance platform through the use of a token.
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