Tether releases YellowCard cryptocurrencies for Africa
- It is fast and cheap payments without intermediary banks
- Such a service is very important in the region's economy
Tether has introduced plastic cards with USDT payments to African customers. They are called YellowCards and are available to both individuals and businesses.
You do not need to have a bank account to apply for the card. This is very convenient because in Africa many users do not have access to the banking system. It is also important that the card works with the digital dollar. This will allow local users to reduce their dependence on unstable local currencies.
Also, Africa is in dire need of fast and reliable cross-border payments. The fact is that many citizens travel abroad to work to support their families. But transfers from other continents take a long time and require high fees. Tether promises instant speed and low transaction costs.
The bankruptcy of major financial institutions has undermined people's faith in the banking system. And it is causing a surge of interest in crypto.
The retail giant Pick n Pay recently began accepting bitcoin payments in South Africa. Customers can pay with their BTC using a Bitcoin Lightning wallet and a dedicated app.
The Financial Sector Supervisory Authority (FSCA, the local regulator) recently updated its operating strategy. They have recognised crypto-assets as financial products. This means that crypto-service providers are now able to offer their products globally.
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