While Money in developed world will always refer to flat currency, in some parts of the world, money takes a whole new meaning. For instance, in Africa, mobile phone users often use their credit as a legible form of exchange and this simple fact has not been lost on some start-ups that are already capitalizing on this trend.
Bitrefill is one such upcoming project that will allow the mobile phone users to top up their mobile credits using Bitcoin transactions. The process is quite simple as the users only have to enter their mobile number and pay for the additional credit using bitcoin.
Spreading across the globe
Not just Africa, there are many other developing nations that are using this digital currency to pay for their phone credits. More than 2 billion people have already used this medium for this purpose. Bitcoin is yet to gain prominence in developed countries like US and Europe with even less presence in emerging economies. Bitrefill smartly collaborates with a highly functional and usable commodity with Bitcoin which in turn creates huge demand for the digital currency as a result.
This system is already put in action by collaborating with 100 mobile operators across the globe that recognizes Bitcoin as a legitimate form of payment for mobile top up in more than 100 countries. Bitrefill belongs to the Boost VC Accelerator that is currently funding many such Bitcoin related start-ups.
Quick and efficient service to other parts of the world
The CEO of Bitrefill, Sergej Kotliar, was sceptical when he launched his company in 2014. However, the positive response of the digital currency enthusiasts has left him surprised and hopeful for its future.
In developed countries, this concept may not be of too much consequence as the mobile phones operate on monthly subscription plans. However, in other countries, this is not the case. They are still using the prepaid minutes where Bitrefill comes in handy by giving them a quick and uncomplicated automated service.
Since the developing countries are still lacking the basic digital banking facilities, their mobile phones act as their bank accounts. Although there are still many countries where Bitcoin is yet to make its presence but Bitrefill is hopeful about filling that gap with their service offering.
Bitcoin may not have been in use for the purchase of goods and services but Bitrefill’s novel service will help spur the digital currency economy into action by making this facility available to the masses.