Payment systems experience a dynamic shift every day with new innovative developments. Its evolution starts from the old barter system to the current fiat and digital currencies. However, despite having multitudes of users globally, traditional payment systems receive their fair share of challenges.
Transferring money across borders nowadays comes at a higher price, while some often take longer to complete transaction processing. Knox World Pay is here to benefit everyone and take the economic status a notch higher to address and mitigate these issues.
Built on the Apollo Blockchain, the Knox World Pay functionalities is set to replace the traditional payment networks with a new and more advanced system.
The End Goals of Knox World Pay
Knox prides itself as the only platform with a vision to achieve true mass acceptance. Other than that, it’s also the first blockchain-based mobile banking system. Some of the services it seeks to render to its customers include peer-to-peer payments, peer to merchants remittances, payments between international financial institutions, among others. Nonetheless, fulfilling every individual’s needs in the trading market and ensuring success is not easy. Which is why Knox World Pay came up with two main areas to focus on as described below:
According to a study, 61.4% of people have access to the internet, which makes up 4.79billion of the world’s population. Besides, purchasing computer and smartphone devices to utilize the internet may be a bit strenuous to other people.
Receiving financial services is, therefore, problematic, especially to underprivileged individuals. Looking into the usability angle, Knox World Pay utilizes one unique strategy which involves offline payments. That’s right. It is now possible for you to make payments offline using forms like QR codes, mobile SMS, physically supported blockchain bills, and many other advancements.
One advantage of deploying the offline feature is that it will eventually attract more people to useKnox World Pay as their default payment solution. In the end, it doesn’t matter which part of the world you are, as long as you own a functional phone, Knox got you covered when making payments.
Regarding accessibility, Knox World Pay commits to establishing agents both locally and internationally. Agents have the sole responsibility of deploying users to join the revolutionary payment system. After signing up on the platform, users can deposit and withdraw cash through the agents. Knox World Pay allows agents to set up a chain of sub-agents and elevate their business venture for people interested in making a viable income. On top of that, founding sub-agents locally present a doorway to more job opportunities under the Knox World Pay system. The accessibility question is a critical step towards the mass adoption of digital currencies in conjunction with the platform’s agents. Currently, trading cryptos on exchange protocols consume a bunch of resources, including time and money. Since every user on Knox World Pay is banked, users can bid goodbye to traditional exchanges offering sluggish services and get onboard a modernized system with complete financial services.
How Does Knox World Pay Connect with Apollo Currency?
Apollo currency poses as one of the futuristic digital assets in the market today. Combining the capabilities of Apollo Currency with Knox World Pay can have unprecedented advantages, including:
Knox users get to access advanced features found in Apollo currency. Node synchronization and Apollo atomic swap are examples of protocols available on the Apollo currency platform. Atomic swaps for instance, can be termed as digital trading currencies directly with another user without the need for an intermediary. Unlike most crypto exchanges, Knox eliminates the need for third-party involvement. As such, it is easier to send funds to friends and family comfortably without worrying about unnecessary scrutiny. Moreover, Apollo Fintech plans to add more unique features and sustain all of them under one ecosystem.
As mentioned earlier, the current payment system is slower when it comes to processing transactions. Knox users can trade their digital assets like Apollo currency at relatively faster speeds to avoid frustrations caused by constant delays. To be more precise, every transaction could take a period of less than 2seconds.
When more users join Knox World Pay, transactional information continues to pile up on the platform’s database. In the end, the system may start to experience technical difficulties to some extent. Sharding, the database architecture, is an effective protocol that can reduce the database’s size and split them into smaller bits. Therefore, Knox users trading via Apollo currency get faster response rates on whatever transaction they wish to carry out.
Knox mobile payments have an immense potential to thrive in the current economy. In turn, most digital currencies like BTC, ETH will gain more real-life usage based on our daily trading endeavors.
Knox’s good thing is that anyone can apply to become their agent without the need for many procedures. Linking the payment platform with Apollo currency will increase the assets’ value with time as users will prefer a fast, secure platform to trade.
On the other hand, as more users gain insights on the possibilities of blockchain technology, Knox World Pay will receive massive endorsements from everyone.