e-Pocket: new platform brings crypto and traditional currencies into one digital wallet
e-Pocket is a new platform set to transform the mobile payment market by making cryptocurrencies just as easy to earn, spend and manage as your regular Aussie dollar.
Much has been made of the potential for blockchain technology to revolutionise the global economy, and one Melbourne-based fintech firm is using it to bridge the great divide between digital currencies and traditional fiat money.
e-Pocket is a world-first hybrid open banking platform that allows users to manage and spend traditional currencies like AUD and cryptocurrencies like Bitcoin or Ethereum from the same digital wallet.
The platform functions like a regular mobile payment app. Users can store money or cards in their digital wallet, and pay bills, transfer funds and purchase goods and services instantly and on-the-go. The key difference is these transactions can be carried out using either fiat currencies or major cryptocurrencies.
Most mobile banking apps can facilitate transactions in either crypto or fiat currencies, but not both. This single functionality is just one of the barriers to widespread adoption of digital currencies according to e-Pocket CEO and founder Tapha Faye, who says current mobile payment systems are not user-friendly enough to go mainstream.
“People have this tunnel vision that crypto will replace the core banking system, but right now the only way you can measure the value of crypto is through fiat currency,” Mr Faye says.
“We need to design products that make the two forms of currency work together as seamlessly as possible so that people can interact with both in a friendly way.”
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