back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

HesabPay successfully migrates to Algorand Blockchain

By Leandra Monteiro

September 22, 2022

  • Afghan E-Payment Solution
  • Afghanistan
  • Algorand Foundation
Share

HesabPayThe Algorand Foundation, whose mission is to empower the ecosystem of Algorand, the carbon-negative Layer 1 blockchain invented by MIT professor Silvio Micali, announced that Afghan e-payment solution HesabPay has successfully migrated to the platform.

HesabPay’s migration, which was funded through the Foundation’s grant program, is expected to stimulate about 6,000 transactions daily and impact tens of thousands of Afghans, especially women, in dire need of access to payments.

Utilising the Algorand blockchain as a settlement layer, HesabPay users will benefit from its Pure Proof-of-Stake (PPoS) consensus mechanism which enables near-zero cost transactions that settle within 4.5 seconds. This is expected to increase the ease and efficiency in which HesabPay connects international aid organizations to the citizens of Afghanistan.

“Afghanistan’s liquidity has been drastically constrained by a paralyzed banking sector, frozen assets and an acute shortage of physical currency notes,” said Matt Keller, Director of Impact and Inclusion at the Algorand Foundation. “Equipping HesabPay 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 over 9 million are smartphones. HesabPay has been utilized by over a dozen humanitarian organizations to send funds directly to beneficiaries in urgent need, across all 400 districts and 34 provinces of Afghanistan. This includes a program to support over 5,000 female-headed households in some of the most remote areas of Badghis and Faryab.

“With 98% of Afghanistan’s population under the poverty line and withdrawal of expenditures that accompanied international forces, starvation looms for many as drought and global food prices spike,” said Sanzar Kakar, the creator of HesabPay. “Algorand Foundation shares our passion and commitment for applying the power of blockchain technology to alleviate suffering by efficiently distributing financial aid with unsurpassed security.”

Previous Article

September 22, 2022

Paysafe joins Spreedly’s Partnership Program for international merchant payments

Read More
Next Article

September 23, 2022

Finastra and Visa jointly announce global BaaS offering

Read More










IBSi Daily News Analysis

September 26, 2022

Afghan E-Payment Solution

How will corporate banking predictions affect technology buyers?

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Wise Platform rolls out its new International Receive Service

Read More

Today

4 popular digital payment gateways in India

Read More

Today

Bharat Billpay and Federal Bank partner with LuLu Financial Group

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
IBS Intelligence - Global Digital Banking Vendor & Landscape Report Q2 2022
Global Digital Banking Vendor & Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q2 2022

£1,500.00 / year

Know More
IBS Intelligence - Treasury & Capital Markets Systems Report Q2 2022
Treasury and Capital Markets Systems Report 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022