The statement said the use of the Lightning Network’s rails makes the transfer of funds to any of the initially covered countries an almost costless exercise. payments bitnob
Direct Deposits to Recipient’s Account
To overcome this obstacle of cost, as well as the other challenges associated with sending funds across borders, Strike has partnered with an African payments platform called Bitnob. Meanwhile, in arguing the case for the new feature, Jack Mallers, the founder and CEO of Strike, said: High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world. With exorbitant fees to transfer funds in and out of Africa and incumbent providers halting services, payments companies are struggling to operate in Africa and people cannot send money home to their family members.
Mallers said through Strike, users intending to send funds to any of the three countries now have an opportunity “to transfer their US dollars easily and instantly across borders.” When using the new feature, payment to any of the three countries is instantly converted to the respective country’s currency and deposited into the recipient’s bank or mobile money account.
The statement said Strike will continue to expand its payment service to Africa via integrations and partnerships with cross-border payment providers like Chipper Cash.Tags in this story
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