Crypto fintech Yellow Card has officially launched their Yellow Pay feature across Africa. With this launch, users will be able to cheaply to send and receive money across Africa.
The feature uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT.
“This is more than just a money transfer service – it’s a powerful tool that will unlock new opportunities for people across Africa,” said Chris Maurice, CEO and co-founder of Yellow Card.
“By enabling instant, low-cost transactions across borders, we are helping to create a more connected and dynamic Africa.”
The service is powered by blockchain technology making it cheaper and makes transactions instant.
How Yellow Pay Works
To use Yellow Pay, a user has to deposit their local currency into the Yellow Card app. They then select the “Send” option and input the phone number of the person they want to send it to.
If the recipient doesn’t have a Yellow Card account, they will receive an alert stating they’ve received money and they have sign up for an account to withdraw the money.
Once confirmed, the funds are instantly sent and the recipient can withdraw to their local currency (mobile money or a bank account).
Everything works using Yellow Card’s Crypto rails.