Yellow Card Financial has launched its new payment features across Africa, allowing users to send and receive money through its crypto exchange platform.
The new service, Yellow Pay, leverages the company’s crypto exchange platform to complete customer transactions in USDT (Tether). It added that Yellow Pay is not a money remittance or foreign currency exchange service, but is an advanced crypto exchange product.
Yellow Card CEO and co-founder Chris Maurice described this new solution as “more than just a money transfer service – it’s a powerful tool that will unlock new opportunities for people across Africa.” He stated the tool will create a more connected and dynamic Africa.
The service leverages blockchain to make transfers cheaper, the transactions are instant and it can be used to send money for any need, including paying for school and healthcare.
Since the launch of the product in Nigeria, customers can now transfer money to anyone in all Yellow Card countries with just their phone number, and the recipient will be able to receive and withdraw the funds once they sign up.
Previously only existing customers could send and receive with Yellow Pay.
Maurice added, “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.”
Last year, Yellow Card raised $40m for its Series B funding round. The capital was supplied by Polychain Capital, Valar Ventures, Third Prime Ventures, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, The Raba Partnership, Jon Weiner, Alex Wilson and Pat Duffy.
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