The World Bank Says 1.7 Billion Adults are ‘Unbanked’, Crypto to the Rescue?
It seems there is a new word floating around in the crypto community – “unbanked” and it is being used to describe those who do not have an account with a financial institution or mobile money provider. Current studies show that there are 1.7 billion unbanked adults worldwide. For these individuals, making payments for utilities and more is not a simple process – to the contrary, it is much more stressful and challenging, especially if they live in a region that is politically unstable.
To make payments, unbanked individuals have options such as sending a money order, waiting in a queue to pay the bill, or to make payment through the utility company’s app. The good news is that there may be another resource out there that may make it possible to make payments without a bank account. The new project, called Treon, allows for direct transfer of value from the customer to the business and without need for the transaction to be approved by a financial institution.
Further, individuals have the option of purchasing Treon tokens (TXO) to pay their bills as well. For utility companies and other institutions that require payment, Treon is a technological partner – a reseller in effect. This type of designation particularly applies for companies that do not have any other mode of payment processing for unbanked individuals. Although Treon is a relatively new company, it is comprised of individuals from fortune 500 companies and advisors from high-level companies as well. At this point, Treon may also become an integral and strategic part of the blockchain as well.