Cryptocurrency Booms in Asia and Africa as Banks Fail to Meet Customers’ Needs
Demand for cryptocurrencies has been well received on the Asian and African continents, as banks fail to provide customers with adequate requirements to transact with individuals and businesses.
Cryptocurrencies have been very popular in traditionally unbanked territories - regions that lack financial infrastructures such as banks or banking institutions to enable finance on a peer-to-peer basis. Statistics from the United Nations highlight that more than half of the population of Africa do not have access to a bank account. Customers are seeking a frictionless method to transact with each other, by going directly to cryptocurrency apps and bypassing traditional banking institutions.
In these underbanked areas, such as the Philippines, apps such as Coins.ph are enjoying a large number of active customers who have never had a bank account. Coins.ph allows users to pay bills and buy cryptocurrencies and has recently partnered with thousands of local stores to give customers the opportunity to pick up cash and make cash deposits. Cryptocurrency is an increasingly attractive proposition for its customers as it allows to bypass traditional banking institutions with traditionally higher transfer fees.