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The Unbanked. Who are they and why do they need attention?
Traditional systems alone are leaving billions of people unbanked and underserved, and decentralization must be part of the answer.
The need for a comprehensive payment approach is urgent in the modern digital economy. Traditional payment systems lack the flexibility and efficiency desired by consumers and businesses, and in some areas of the globe, well over 50% of the population are getting left behind entirely. While AI and other fintech innovations may be part of the problem, blockchain and cryptocurrency offer faster processing, lower fees, and decentralized control. NAKA’s vision is simple: a world where the best solutions for the best use-cases combine to create the widest possible coverage for the simple financial services that are at the base of our shared lives.
NAKA aims to bridge the divide between the new possibilities offered by Web3 technologies and the established practices of traditional finance. By adopting a holistic view, NAKA seeks to optimize the payments landscape not by replacing existing systems but by integrating them, ensuring that innovations in payment processing can be quickly adopted both online and in physical stores with minimum effort from all parts involved. This approach not only addresses the gaps in current systems but also anticipates the future needs of a global economy increasingly reliant on digital transactions.
Of course, none of this can be achieved without NAKA's commitment to security and regulatory compliance. Anywhere NAKA’s solution enters, all measures are taken to ensure that a holistic payment solution is built on a foundation of trust and reliability. NAKA is the best of both worlds. Full integration into the demands of traditional systems with the speed, reliability and economic advantages of a decentralized payment network that removes middlemen. We are building the tools to give people financial freedom.
At the heart of NAKA's vision for a more integrated financial future is its commitment to EMV compatibility. EMV, short for Europay, Mastercard, and VISA, is a critical standard in the payment industry that ensures interoperability and security across global payment networks. This compatibility ensures that anyone that chooses to run NAKA’s Network will only be adding a new form of payments to the global standard that most everyone else is already using.
The vast majority of credit and debit cards will remain an option, and the software is devised to not require any installation of hardware or added training for staff. The definition of a win-win.
Moreover, by adhering to EMV standards, NAKA positions itself as a reliable and secure platform for merchants and consumers alike, encouraging adoption by those who value the proven security features and global acceptance of EMV-compliant cards. Innovation with no risk.
Whoever prefers and has access to traditional solutions is free to continue operating, business as usual, but the door is now open to the future.
NAKA's integrated financial solutions are designed to cater to a wide array of adopters, ranging from individuals and businesses in emerging markets to sectors historically underserved by traditional financial institutions. There are a number of clear examples where the advantages are immediate and obvious.
NAKA’s Ecosystem includes two main components: the NAKA Card and the NAKA Network.
The NAKA Card is a revolutionary payment card that is fully customizable and decentralized. It can be connected to either a custodial or non-custodial wallet, giving businesses the flexibility to issue the card themselves, some of its benefits are particularly needed in regions like LATAM, suffering from high inflation and home to large numbers of underbanked people.
Some of its main advantages for issuers:
The NAKA Network is the backbone of the NAKA Card, ensuring its security, efficiency, and compatibility with existing infrastructure. It will be initially deployed on the Polygon blockchain, with a vision to become multichain in the future. It will always be fully compatible with EMV standards, allowing it to be used virtually anywhere that accepts major payment networks like Europay, Visa, Mastercard, and others.
Acquirers that choose to install the Network have clear advantages as well:
Traditional systems are hard to change. Their business practices are entrenched and they often choose to not engage with situations that are untested or they are unfamiliar with. This has created gaps in the market that can be overcome with technology.
For the vast unbanked populations, particularly in regions where traditional banking infrastructure is scarce or non-existent, NAKA offers a tangible path for financial empowerment. By bypassing conventional banking requirements while always keeping in compliance with logal regulations, NAKA's blockchain-based solutions provide these individuals with the tools necessary for engaging in economic activities that were previously out of reach.
If NAKA wants to operate within the same parameters of traditional finance, security and compliance are not just features but foundational pillars. NAKA's commitment to these aspects is absolute.
For companies interested in issuing their own NAKA Cards, we encourage you to consider joining one of our partner programs. Together, we can explore the benefits and opportunities that our solutions offer, and work towards a future where financial inclusion and innovation go hand in hand.