Clic.World and Stellar — the way to mass adoption of crypto in consumer banking

Imagine being able to have your crypto account available as part of your bank’s app that you use for daily transactions, being able to seamlessly move value between your crypto assets and your local fiat money account, buy and sell crypto, sending money or crypto assets to your friends in another country as easy as sending a chat. Imagine sending money to somebody’s phone that does not even have a bank account and they can go and withdraw it at a Stellar ATMX. No need to imagine that any more!

The picture above was taken this week at a commercial bank with more than a million customers where Clic.World and Stellar have demonstrated all of this live to their R&D, Strategy and Risk teams.

The responses we had ranged from “….I never knew having a crypto account was THIS easy!! to “….show me that cross border transaction again, that was WAY too fast!!

A typically cross border payment was done in less than 10 seconds — keep in mind that we use XLM as the transfer of value between currencies to do real time settlement per transaction — where one payment is actually made up of 3 separate transaction involving the decentralised fiat-to-crypto switch in two countries. This gives us an effective transaction time of around 3 seconds per transaction and we can do comfortably 3000+ transactions per second!!! The Stellar blockchain just simply rocks!!!

We were also very encouraged by the response from the risk and compliance team, who were very positive about our implementation of KYC policies and the innovative security layer we have implemented to provide additional security on the crypto wallets. The role the Stellar Compliance Server played in enhancing existing KYC and AML policies was highlighted by them as a vital element of the solution.

The Clic.World banking app, fiat-to-crypto switch and Stellar ATMX is currently being used by members of the eSACCO Social Bank in Uganda. Marketing for eSACCO is under way and also recruitment of other social banks and SACCO’s to join the Clic.World social financial eco-system. (More detail on this and the ClicPay merchant POSX app in the weeks ahead)

Although we are in talks with four more banks we still have a long road ahead of us. Getting to full production and being able to scale it up takes much more than just the technology! While it does have its challenges its an exciting road, a road which will lead to a world beyond cash, to people’s lives being changed with affordable banking facilities for the first time, something they have been excluded from up to now, simply due to high cost.

But its not only in the financial inclusion space where we see this, we are getting so much interest now from people in countries with established banking facilities who wants to learn more about Social Banking and how they can use Stellar to make everyday payments easier. There’s really SO much more to Stellar than just the price of Lumens…!

Looking ahead we see Stellar based social banking playing an increasingly more important part in the emerging shared economy in developing economies and we look forward to our first pilot in the Netherlands later in the year. (If you are in the Netherlands you can join the very active Stellar group there using this invite code )

In the next article we will share a more detailed overview of the Clic.World ecosystem and the road ahead.

Another first for Clic.World? We believe so!!

Oh, in response to the many questions we received, yes we ARE planning to do an ICO, not based on a white/black/pink paper but on a fully functional platform in operation! Expect news on that by mid year.

For the latest updates follow us on Twitter @clicyourworld

Co-Founder at Clic.World responsible for Strategy and product Development

Co-Founder at Clic.World responsible for Strategy and product Development