How Yellow Pay is Making Cross-border Payments across Africa Cheaper, Faster

How Yellow Pay is Making Cross-border Payments across Africa Cheaper, Faster

Yello Pay
How Yellow Pay is Making Cross-border Payments across Africa Cheaper, Faster
Source: UGC

With the launch of Yellow Pay, we have made it much simpler and cheaper to send and receive money across Africa. And we will walk you through the simple process here.

Yellow Card’s mission is financial inclusion for all, and we are famous for facilitating easy and secure access to crypto for Africans. With Yellow Card, you can easily buy and sell crypto in over 15 countries across Africa. You can also send crypto to or receive it from anywhere.

What Problem is Yellow Pay Solving?

Yellow Pay is a move beyond crypto to allow people across Africa to send and receive local currencies easily.

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Sending money locally within a country can be a hassle. It becomes even more of a challenge when you need to send funds across borders.

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The primary challenge is that there is often no reliable direct exchange of African fiat currencies. You would likely have to send the money in dollars, and then the recipient converts it to their local currency. In the process of exchanging money, the value of the funds usually reduces.

Most traditional means of sending money often charge enormous fees for sending money across borders because of the complicated process involved. That’s not all: the transactions may take hours, days, and even weeks. At the same time, you have to go through a rigorous documentation process at the local remittance firm to facilitate this transaction.

How is Yellow Pay Solving this Problem?

Our crypto exchange has successfully helped provide quick and effective financial services. And now, Yellow Pay is another stride to ensure that this process is much simpler and less stressful for the sender and receiver -- especially for those who are still not conversant with crypto.

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How? Without going through the buying and sending of crypto, you can directly send funds in your local currency, and the receiver receives it directly in their local currency. Very simple, you will agree!

Yello Pay
How Yellow Pay is Making Cross-border Payments across Africa Cheaper, Faster
Source: UGC

How Yellow Pay Works

Yellow Pay: How Yellow Card’s Instant Cross-Border Payment Feature Works

Yellow Pay allows you to transfer funds to other customers in their local currency using their registered mobile number. Here’s how it works:

- Joel, a Yellow Card Nigerian customer, wishes to send money to his friend Edem in Ghana, who is also a Yellow Card customer.

- Joel opens his Yellow Card app and funds his account with naira. He then selects the Yellow Pay feature and inputs Edem’s phone number, which Edem used to register on Yellow Card.

- Joel enters the amount he wants to send and sees how much Edem will get. He confirms the transaction and sends the money on its way.

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- Edem instantly receives the cedis equivalent of what Joel sends (based on the current Yellow Pay exchange rate).

- Upon receiving the funds, Edem can instantly withdraw to his bank account or Mobile Money (MoMo).

You’re probably wondering, how does this all work?

How Yellow Pay Uses Yellow Card’s Crypto Rails

To simplify the sending process, we allow users to send the funds using the recipient's mobile number, which is easily accessible. We understand that not everyone understands how crypto works, and it might be a challenge for some, so we made it easy. Here’s how we do it:

● We are a crypto exchange and own Bitcoin and USDT liquidity which allows us to process the cross-border transaction, effectively cutting the cost and time it typically takes.

● When Joel initiates the prompt to send the money (NGN), our system is already programmed to convert the funds into USDT, which is sent to Edem.

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● However, Edem doesn't receive it in USDT because we automatically convert it back to his local currency (GHS) before it reaches his account. Edem is notified, and he can proceed to withdraw his funds.

Just like that -- Yellow Pay has used Yellow Card’s USDT crypto rails to complete the transaction quickly and easily.

How to Get Started with Yellow Pay

1. Download the Yellow Card App

2. Sign up and verify your account

3. Fund your wallet with naira

4. Go to “Pay” from your home screen and select “Send”.

5. Enter the recipient’s phone number (they must have a verified Yellow Card Account).

6. Enter the amount to send to the recipient

7. Confirm the details and authorise the send.

That’s it! The recipient will receive it instantly.

Yellow Pay makes sending and receiving funds easier so that people without crypto experience or knowledge can enjoy the best financial services -- because financial inclusion is for everyone.

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Get started with Yellow Pay today!

Source: Legit.ng

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