What Is LYOPAY And How It Contributes To Global Financial Inclusion?

Cryptocurrency is on the rise and this “people’s money” is now known for something that we all support and stand for – empowerment! It remains one of the most revolutionary and disruptive innovations in the world of modern finance.

The fact that digital money has proven its potential of transforming the financial world with remarkable benefits, especially for countries with lower-income alongside emerging markets, demonstrates its power and ability to alter the current economic circumstances. 

But the question is: how exactly is cryptocurrency helping in global financial inclusion?

The Problem

In simple terms, financial inclusion refers to the efforts to make financial products and services accessible and affordable to all individuals and businesses. 

In shocking statistics, it is revealed that globally, 1.7 billion individuals have no access to banking services, while those with access to finance pay a hefty cost for financial services. Financial exclusion challenges their quality of life, hence that explains poverty.

Fortunately, cryptocurrency and DeFi remain major factors behind the success in providing financial inclusion and stability to those who are unbanked, especially in under-developed countries.

This is possible because the cryptocurrency economy is highly accessible to everyone in every corner of the world, without any consideration of a person’s race, gender, ethnicity, or socioeconomic class distinction.

The Solution

However, after the growth in the use of cryptocurrency, things have started taking a turn. Despite the widespread poor economic conditions in developing countries, cryptocurrencies and digital money are now being used for online transactions. Let’s take an instance of Africa. 

According to Chainalysis, a blockchain forensics firm, Africa’s cryptocurrency market grew by over 1200% between 2020 and 2021. They added that four African countries – Kenya, Nigeria, South Africa, and Tanzania – all rank in the top 20 for global crypto adoption.

This shows the power cryptocurrency holds to change the global economy through financial inclusion for people living in extreme under-developed conditions. Crypto has the ability to empower social and economic growth by offering modern banking solutions that initiates financial inclusion, provides financial freedom and helps change the socioeconomic situation of people having limited access to traditional banking systems and poor financial inclusion. People in countries with financial instability can now use cryptocurrency as a crucial tool for cross-border transactions to ensure economic equality, impacting the global economy majorly. 

LYOPAY and Financial Inclusion

LYOPAY, an ecosystem of crypto-friendly products and services, aims to establish cryptocurrency as a norm and makes it easy and accessible for people to access and use it as a mode of payment for their day-to-day use. 

Some of these products include:

LYOTRADE

LYOTRADE is a centralized cryptocurrency exchange by LYOPAY, that adheres to all the regulations and legal compliance processes involved such as AML and KYC to make sure your cryptocurrencies are secure. With LYOTRADE, you can now buy, sell, and stake cryptocurrencies with ease.

LYOTRAVEL

LYOTRAVEL helps you travel while you make payments with cryptocurrencies. This platform is built exclusively for the LYOPAY community, that helps you buy tickets and book hotel rooms for your next holiday with bitcoin and altcoins. Taking a step ahead into the world of currency digitalization, LYOTRAVEL is one of the few licensed travel agencies that accepts payment of Bitcoin, Ethereum, LiteCoin, Binance Coin, LYO Credit, and others. 

LYOWALLET

LYOWALLET is a non-custodial wallet. Once downloaded on the smartphone, it offers services to buy cryptocurrencies and trade digital assets sharing no information with the app. Any sensitive data is 100% protected and stored only on the smartphone. This also means that the owner of the wallet is the only one responsible for their private keys.

An Ever-Growing Community

With LYOPAY, people get the opportunity to use cryptocurrency with the feeling of complete ownership and security. It is a platform to leverage payment solutions as the primary tool for driving adoption and user acquisition while simultaneously building trading and financial service solutions as major revenue sources.

With cryptocurrency becoming mainstream, LYOPAY helps people get familiar with the idea of digital money and persuades them to start using cryptocurrencies as a mode of payment in their day-to-day lives. 

The LYOPAY community is ever-growing, and a greater number of people are joining the crypto world through the LYOPAY ecosystem that surely gives its customers an edge of ease and convenience with the latest crypto products and services. LYOPAY continues to implement the factor of financial inclusion for people all over the world, allowing them to be a part of a global financial world. 

The platform of the crypto-friendly ecosystem demonstrates tons of potential to promote cryptocurrency as a mode of payment for everyday lives and continues to empower people with digital money. Take a look at what LYOPAY plans to achieve in 2023: Here.

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