The benefit of technology is clear for everyone to see, especially in finance. Despite advancement, billions of people can’t access quality financial services. They are underserved or cut out from the global financial system, much to their disadvantage. Without a reliable layer, improving their fortunes and living standards was difficult.
Libra Incentix is leveraging the Blockchain and Emerging Trends
With the introduction of transformative and exciting technology such as blockchain and innovative protocols that leverage the chain’s security and efficiency, financial solutions are rapidly evolving.
Through smart contracts, it is possible to digitize and efficiently distribute incentives. Because of the peer-to-peer nature of solutions on the blockchain, funds can now be sent securely, cheaply, and instantaneously.
The Libra Incentix protocol taps on the benefits of the blockchain and uses it to accelerate the adoption of digital crypto wallets and mobile wallets, benefiting the 1.7 billion unbanked people around the world.
Behind this is the team’s determination to resolve pressing financial issues and deliver reliable solutions that enhance the living standards of all users, regardless of their geographical location or background.
The migration and realigning incentives toward fast-tracking financial inclusion were already on the cards.
Digitization of Cash and Wallets
According to research findings, the digital financial market’s size was over $8 trillion in 2020. During this time, payments worth over $750 trillion were processed through various digital providers. These agents processed a cumulative 900 billion transactions. This shift from users preferring digital processing via computers and phones over brick and mortar establishments is revolutionizing banking. Sensing the drift, banks are now sinking billions of dollars to build reliable infrastructure which is secure, acting as a conduit of enabling smooth flow of funds between users and merchants.
With globalization and the availability of infrastructure, more cash is also being digitized and stored in digital wallets. More people prefer using their bank cards or digital wallets instead of hard cash. At the same time, with blockchain and some central banks receptive to the idea of digital cash, central bank-backed digital currencies (CBDCs) are being piloted in certain jurisdictions. As of mid-2022, China’s PBoC was at an advanced stage of testing the Digital Yuan, highlighting the growing interest from leading central banks and governments of developed economies.
The ongoing revolution in banking, coupled with the increasing digitization of cash, has fueled the explosion of digital wallets. Between 2019 and 2020, the number of digital wallets rose to over 4 billion. Centralized providers can issue these wallets to facilitate payments. The most common ones include WeChat in China and MPesa in East Africa. These wallets showcase the benefits of digital payments and how the blockchain is critical in driving financial inclusion.
How Libra Incentix is driving the Use of Digital Wallets and Digitized Cash
Libra Incentix has designed a protocol that further accelerates the adoption of all digital wallets—from centralized entities or blockchain providers—and the use of digitized cash. The driver of Libra Incentix is “incentive”. The developing team is aware that there can be more participation, especially in a rapidly evolving world with more digitization, if there is an incentive to do so.
Thus far, the protocol plans to partner with several Telco providers in South America, Africa and SouthEast Asia where meetings have been taking place since the company’s formation. In their arrangement, Libra Incentix reward systems will be integrated into their wallets. Loyalty points earned from the Telcos would then be converted into cash or crypto tokens, depending on the user’s need.
Depending on jurisdictions and the legality of crypto, users would be free to convert their points to LIXX tokens straight from their digital wallets. This way, the user will be empowered. At any point in time they can either choose to pay using Libra Incentix’s points, LIXX tokens, or cash directly from their digital wallets.