Yellow Card Financial’s new payment feature ‘Yellow Pay’ is now officially available across Africa, aiming to provide cheaper transactions across the continent.
Yellow Pay uses the Yellow Card crypto exchange platform to complete customer transactions in USDT. The service is powered by blockchain technology to make all transactions cheaper than are currently available. The setup ensures that transactions are instant to eliminate waiting times.
Yellow Pay has been introduced to cover a range of use cases. The service enables people in Africa to send money for business, school and healthcare. Gifting or sending money to friends and family across Africa, paying vendors in other countries, receiving payment for services and paying bills and fees in other African currencies are some of the ways in which Yellow Card is aiming to ease transactions.
Yellow Card explained that its newest service is not a money remittance or foreign exchange service. The company highlighted that its solution is a crypto exchange product.
Supporting cross-border transactions across Africa
The new Yellow Card product was initially launched in Nigeria in 2022. Since that launch, Yellow Pay has received a number of upgrades to further ease transactions. One key feature introduced enables customers to transfer money to anyone in all Yellow Card countries. Even if the recipient is not yet a customer, the product enables users to send money to them. All that is now required is the recipient’s number to send money.
Once the money has been sent, the money can be accessed and withdrawn by signing up for the service. Prior to the introduction of this feature, a user could only send and receive money if they were an existing Yellow Card customer.
Another important upgrade included is that transfers within the same country are free. As Yellow Card looks to tackle issues surrounding cross-border transactions across Africa, it has also made it easier for citizens of African countries to pay, send and receive money in their own country.
Chris Maurice, CEO and co-founder of Yellow Card, commented on the launch of the feature. Maurice explained: “This is more than just a money transfer service. It’s a powerful tool that will unlock new opportunities for people across Africa. By enabling instant, low-cost transactions across borders, we are helping to create a more connected and dynamic Africa.”
“Yellow Pay is just the latest in a series of innovative features that make Yellow Card a must-have for anyone looking to take control of their finances with ease. This new product feature not only makes it easier for family members to support each other across Africa with ease, but it also opens up the continent to more investment, access to credit, business grants and generally will improve the ease of doing business.”
Graduating from Aarhus University with a degree in communication and media studies, Kristina has been an avid writer and follower of the finacial news and cybercrymes space since 2011. A well-traveled journalist within the industry, Aubrey has written for many well-known outlets, and can often be found poring over white papers when she isn’t writing for Financial Magazine