Afghan e-payment solution HesabPay successfully migrates to Algorand Blockchain through grant funding

Afghan e-payment solution HesabPay successfully migrates to Algorand Blockchain through grant funding

HesabPay uses Algorand blockchain technology to make it easier 6 kilo Daily transactions to combat the Afghan humanitarian crisis

SingaporeAnd the September 21 2022 /PRNewswire/ – file Algorand Foundationwhose mission is to empower the ecosystem of AlgorandThe first layer, carbon-negative blockchain invented by the Turing Prize winner and Massachusetts Institute of Technology professor Silvio MicaleToday, it was announced that the Afghan e-payment solution HesabPay has successfully migrated to the platform. The HesabPay migration, which was funded through the foundation’s grant program, is expected to spur about 6,000 transactions daily and affect tens of thousands of Afghans, especially women, who are most in need of payments.

Using the Algorand blockchain as a settlement layer, HesabPay users will benefit from a Proof of Stake (PPoS) consensus mechanism that enables near-zero cost transactions that are settled within 4.5 seconds. This is expected to increase the ease and efficiency with which the Pay Account service connects international relief organizations and their citizens. Afghanistan.

Afghanistan Liquidity has been severely restricted due to a crippled banking sector, frozen assets and a severe shortage of physical banknotes.” Matt Keeler, director of impact and inclusion at the Algorand Foundation. Equipping your Pay account with a fast, reliable and cost-effective settlement layer is critical to moving international aid into the hands of those who need it most.

While only 6% of Afghans have bank accounts, there are 27 million mobile phones in use, of which more than 9 million are smartphones. HesabPay has been used by more than a dozen humanitarian organizations to send money directly to beneficiaries in dire need, across all 400 regions and 34 districts of Afghanistan. This includes a program to support more than 5,000 female-headed households in some remote areas of Badghis and Fryab.

“With 98% of Afghanistan Population below the poverty line and pulling back the expenses that accompanied international forces, famine looms for many as drought and global food prices soar,” said Sanzar Kakar, founder of HesabPay. The Algorand Foundation shares our passion and commitment to applying the power of blockchain. Technology to alleviate suffering by distributing financial aid with unprecedented efficiency and safety.”

HesabPay’s migration from Stellar to Algorand has been completed.

Algorund Foundation

Algorand Blockchain – Designed by Massachusetts Institute of Technology Turing Award-Winning Cryptography Professor and Writer Silvio Micale Uniquely able to deliver on the promise of a borderless global economy. It achieves transaction productivity at the speed of traditional finance, but with an immediate end, near zero transaction costs, and 24/7/365. Its carbon-neutral platform and unique Proof-of-stake consensus mechanism solve the “blockchain trilemma” problem by bringing both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.

The Algorand Foundation is dedicated to helping deliver the global promise of the Algorand blockchain by taking responsibility for the economics of sound money supply, decentralized governance, and a healthy and thriving open source ecosystem. For more information visit https://algorand.foundation

HESABPAY

Payment account is Afghanistan The first interoperable electronic payment solution that works with Afghan Payment Systems (APS), commercial banks and mobile operators to handle everyday transactions. HesabPay makes payments simpler and more efficient, enabling money transfers, bill payments, donations, electronic taxes, payroll, and more.

Available on Android, iOS and Web in English, Pashto and Dari languages.

Contacts
Prosek Partners, on behalf of the Algorand . Foundation
[email protected]

SOURCE Algorand Foundation

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