Author: Jagdish Kumar, India
Singapore based global digital decentralized financial ecosystem, LaLa World has launched payment services on android mobile devices in India.
The payment system has been built on Blockchain technology application will allow users a single point of access to all the financial services as they become available in the LALA World ecosystem.
Speaking on this, founder and chief executive officer of LALA World, Sankalp Shangari said with the launch of our LALA Pay in our LALA World App for Android devices here, we hope to bring financial services available to this group and align with our vision of creating a financial ecosystem for people with limited access to financial services.
Almost 70% of Indians live in rural areas, where access to banks and other financial infrastructure is limited, Shangari stressed.
With the app, the user can top up recharge online of 29 service providers, make bill payments for more than 25 different utility service providers that includes telephone, postpaid mobile, gas, broadband and electricity, apart from topping up direct to home and data card services.
The company said that user’s identity will be fully secure, while still giving them full uncensored and unrestricted access to their data.
Payments can be made with credit cards, debit cards and net banking via the app without having to travel to physical bank branches or ATMs. LALA World intends to add other services such as international remittance, loans and credit scoring over the coming months, the statement adds.
Founded in 2016, LALA World is using Blockchain to create a connected financial ecosystem for migrant labourers and refugees – people with limited access to financial services. It plan to solve the issues and problems like employment, digital Identity, healthcare, community build up by capitalizing on Blockchain revolution to bridge the gap between cash and the digital world.
Having its presence in 5 countries and over 100 global partners including government agencies and NGOs. The company is planning to reach 100 million people by 2020 and bring financial services to the unbanked, undocumented, micro-entrepreneurs, students and disadvantaged around the world.