Payment solutions in the Middle East might be costly and inconvenient. High cash-on-delivery rates, low credit card acceptance, high merchant fees, and more. A new kind of money, called Bitcoin, has been created as an innovative solution to online transactions regardless of location. The Bitcoin network uses peer-to-peer technology to operate with no central authority or banks; managing transactions and issuing Bitcoins collectively by the network. This innovative new payment method has not yet spread in the Middle East.
Yellow is a platform that builds products that facilitate Bitcoin payments in the Middle East. “Our main product is the Bitcoin payment gateway; it’s a way for businesses to accept Bitcoin easily and without risk. Another product that we are currently piloting is the Bitcoin voucher — it’s a way for consumers to buy Bitcoin through cash and card,” said David El Achkar, the co-founder of Yellow.
The project, which is competing in MIT Arab competition taking place in Kuwait this month, plans to grow the number of businesses that accept Bitcoin in order to make Bitcoin both accessible and easy to use. Helping consumers deal with online payments will benefit economies on a global scale, making transactions easier in this part of the world. “It’s not only easier, it’s cheaper and more secure”, added David.
Marwan Harmouche, Director of Business Development there, explained that his teams is building products that truly help reshape the broken payment system of the Middle East. And through Yellow, they have gathered a stellar team of technologists and finance/payments experts to solve these issues.
Will Bitcoin be a part of tomorrow’s Middle East financial market?