One of the challenges encountered by any blockchain technology used for financial services is trust. Integrating this technology into traditional financial services will need more trust for all, and this is where JojoPay’s blockchain-powered core technology is bringing real change.
Launched this year, JoJoPay is a financial technology solution that is revitalizing the digital economy by making simple, secure, and fast payments accessible for everyone. The company holds the distinction of becoming the first fiat payment platform in the world to be on the blockchain.
With the current ecosystems defined by disparate platforms that lack interoperability, JoJoPay serves as the conduit connecting them all together; making it possible for all to operate in tandem seamlessly. Running on a blockchain-based system (Cloudchain), JoJoPay’s all-in-one platform allows consumers, businesses, and governments to manage funds efficiently and transact transparently.
JojoPay is a product of JoJo, a portfolio company of First Shoshin Holdings led by Mr. Jack Ponce-Enrile together with his wife, Sally. JoJo’s strategy is to spur business growth through diversification in order to take advantage of market opportunities, where its proprietary technologies can be maximized. Initially, an on-demand delivery app competing with the likes of Grab and Lalamove, JoJo has now grown into a startup committed to using its world-class technology for streamlined user experiences in payments, e-commerce, healthcare (JoJoCare), and soon, marketplaces and on-demand services.
JoJoPay’s Blockchain-based Platform for Financial Transactions
Primarily a distributed ledger technology (DLT), blockchain has emerged as one of the most groundbreaking applications pioneering transparent and secure business processes. Over the years, it has shown tremendous potential to transform the workings of the financial sector.
As the banking industry and its payments paradigms are getting up to speed, JoJoPay’s platform bridges traditional finance and blockchain to bring new ways to deliver value across the entire financial value chain. All JoJoPay fiat transactions are recorded on the blockchain and can be viewed on the Cloudchain network for complete transparency and immutability.
With more functionality than traditional banks, JoJoPay empowers the underbanked majority by addressing issues associated with any economy, industry, or market dominated by cash transactions, such as inefficiency, fraud, and lack of transparency and accountability. With JoJoPay, everyone can experience secure and transparent around-the-clock, instant money transfers, and currency exchanges, with clearing and settlement completed within seconds.
Benefits that Bring Clear Value
Blockchain technology offers innovative benefits over traditional approaches including faster transactions and enhanced transparency among others making it ripe for mass adoption. This is exactly what makes blockchain a boon for the financial services sector as it seeks to bridge the existing gap that prevails between regulators, financial institutions, and consumers.
“We are addressing the current complications in the global financial system by combining the features and services of a modern traditional bank, whilst implementing the benefits offered by the blockchain. JoJopay combines the flexibility and speed of the blockchain with the traditional payment and banking systems that users are most comfortable with,” according to First Shoshin Holdings Chairman Jack Ponce-Enrile.
JoJoPay removes long-standing friction associated with existing systems by creating digital banking solutions that not only enhance the user experience but also create new business models. Benefits like the ability to move money domestically and across borders without the elaborate and rigid verification processes inherent in traditional systems like SWIFT, and lower cost of doing business by eliminating various transaction costs, make JoJoPay a practical and attractive alternative for consumers and businesses.
The Way Ahead
Today’s financial system is in need of an overhaul that improves its processes and maximizes its potential for the digital age. Blockchain reduces delays, conflicts, and confusion in many aspects of financial services. JoJoPay’s streamlined, transparent, and secure blockchain-based platform aims to be the vehicle to drive this transition not only for consumers but also for businesses and governments.
Moving forward, JoJoPay’s ambition remains undimmed. Built with fundamental blockchain technology, JoJoPay brings new levels of transparency and compliance for banking in the Philippines.
“We’re creating services that users expect from their financial platforms. We’re rolling the ball forward in bridging banking and fintech divides. JoJoPay aims to become the next-gen banking solution offering a complete spectrum of banking and financial services. We believe we’re in for an exciting year ahead as we bring the wider benefits that can be realized through blockchain technology,” adds Ponce-Enrile.
JoJoPay is indeed on the move to create a more vibrant digital finance experience in the years to come where consumers, businesses, and governments can reap the benefits of new and better banking.
Learn more about JoJoPay and sign up for a personal or business account by visiting their website. For partnerships and inquiries, you may get in touch with them via email at [email protected].