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home  > Credit Card News


ELECTRONEUM: A BLOCKCHAIN-BASED DIGITAL PAYMENTS SYSTEM DESIGNED WITH THE
WORLD’S UNBANKED POPULATIONS IN MIND


CREDIT CARD NEWS

By: Matt Walker
Posted: April 22, 2020

Our experts and industry insiders blog the latest news, studies and current
events from inside the credit card industry. Our articles follow strict
editorial guidelines.

> In a Nutshell: While some cryptocurrencies claim to democratize the world of
> payments, many are not truly accessible to a large portion of the world’s
> population. But the Electroneum ecosystem was founded with the unbanked in
> mind. The cryptocurrency and payments system allows many people to access for
> the first time the world of digital transactions via smartphone. Its
> AnyTask.com platform helps local entrepreneurs gain access to a global digital
> marketplace without having to have a bank account. The company also benefits
> businesses by unlocking a whole new audience and providing rewards via its ETN
> coin.

Back in 2016, as Bitcoin, Ethereum, and other cryptocurrencies were edging their
way into the mainstream consciousness, tech veteran Richard Ells was melting
phones.

No, the blockchain revolution didn’t cause Ells to have a meltdown of his own.
He was working on his own cryptocurrency ecosystem — Electroneum — that would
reach beyond the visions of other digital currencies.

“It was quite fun, actually,” Ells said. “But we did melt quite a few phones.”



The cellphone-melting problem arose because Ells and his team at Electroneum
were essentially trying to cram complex proof-of-work blockchain tech — akin to
what would be used in large-scale crypto mining — into a tiny smartphone.

Ells personally entered the cryptocurrency world around 2014 as a miner, with
rigs set up at his home — “Much to my wife’s dismay,” he said.

“I thought crypto was great — the concept of it was absolutely amazing,” the CEO
said. “But it was just far too technical for real people in the real world to
get involved in. I got some app designers and thought, ‘Wouldn’t it be awesome
if we could make a crypto that worked entirely from a remote mobile phone?”

After melting some phones, making some compromises, and, perhaps most
significantly, gaining an understanding of just how much of the world’s
population is unbanked, Electroneum was launched in 2017.

“The unbanked section of society is massive — much, much larger than I had any
idea about when we first started getting into this,” Ells said. “Cryptocurrency
provides an opportunity for them to do something outside of the fiat
transactions they’ve only ever been used to.”


HOW THE ELECTRONEUM ECOSYSTEM OF PRODUCTS CAN IMPROVE THE LIVES OF MILLIONS
AROUND THE WORLD



Nearly one-third of the world’s population remains unbanked, according to the
World Bank’s Global Findex.

“These people haven’t got Visa cards in their pockets or Apple Pay — they
haven’t got any of this stuff,” Ells said. “So digital currency had attention.”

Many crypto companies have noted how their specific digital currency can help
those who haven’t historically had access to bank accounts or digital payments,
Ells said, but their involvement in these populations ends there.

Richard Ells is the Founder and CEO of the Electroneum ecosystem.

“We were actually flying out to these countries, getting our boots on the
ground,” he said. “I’ve flown all over the place in Africa and Southeast Asia.
And what you realize is that these people actually can’t get Bitcoin or Ethereum
because they’re unbanked. They can’t open an exchange account and buy those
currencies.”

But Ells said that’s where Electroneum is different.

“We are using the power of blockchain to unlock the global digital economy for
millions of people in the developing world,” according to the company. “Helping
everyone to live life on their own terms, our solution is enabling people to
embrace their entrepreneurial spirit and find new ways to enhance their lives.”

This is accomplished through a wide variety of tactics, Ells said. One of the
most critical components was being able to provide instant payments, which many
cryptos do not.

Additionally, the CEO wanted to devise a way users could earn cryptocurrency, so
Electroneum launched AnyTask.com.

“AnyTask.com is the first freelance platform to unlock the global digital
economy for the world’s unbanked,” according to the company. “The sellers of
AnyTask do not need a bank account and sellers fees do not exist. For the first
time, those that live within developing regions can get involved and earn more.”

Ells said the freelance platform has garnered a lot of excitement among certain
unbanked populations and has attracted the attention of a number of nonprofit
organizations that are becoming involved.


BUSINESSES CAN ACCESS A NEW SECTOR OF CUSTOMERS WHO ARE USING DIGITAL
TRANSACTIONS FOR THE FIRST TIME



While Electroneum’s most evident potential and benefits are seen with the
world’s unbanked population, the crypto ecosystem also has distinct advantages
for businesses and other organizations as well.

To this end, Electroneum is currently working with a number of mobile virtual
network operators (MVNOs) in Africa and Asia who believe the ecosystem can help
increase customer acquisition and retention as well as reduce vendor-to-operator
costs. The platform also aims to help these companies drive vertical sales and
generate new revenue streams.

“We achieve this in a number of ways,” according to the company. “We reward
users with up to $3 worth of ETN each month, allowing them to buy more data &
airtime. For every customer you refer, you will receive an ongoing ETN reward,
thus creating an additional revenue stream.”


Electroneum also presents new opportunities for retailers and corporations.

“Considered as a transformational shift in the way people buy and sell goods,
our digital payments ecosystem provides a new way for your customers to buy your
products,” according to the company.

The platform’s API enables online and in-store retailers to integrate with
Electroneum and instantly begin accepting ETN as payment.

This provides businesses with an array of benefits, including being able to
access one-fifth of the world’s population that is taking part in the global
digital economy for the first time. Electroneum said businesses may also see a
higher average spend from ETN users who are receiving up to $3 worth of ETN from
the company each month.

As with MVNOs, these retailers are also rewarded with ETN for referring their
customers to Electroneum.


THE BENEFITS OF USING THE ETN CRYPTO



As readers may have deduced, Electroneum’s ETN coin comes with an array of
benefits for users and businesses.

Of course, AnyTask.com users can use the platform as their own digital freelance
marketplace, but they also earn ETN while partaking in it.

Electroneum users can also earn ETN through the ETN Rewards program.

Electroneum users can receive rewards in the form of the platform’s ETN
cryptocurrency.

“Earn ETN every month with ETN Rewards,” according to the company website.
“Simply download the Electroneum app and signup to get started. Oh, and you’ll
receive a free signup bonus reward!”

Ells said that, with ETN, users also gain access to instant payment
capabilities.

“You can pay someone in seconds. Simply scan their QR code with your phone,”
according to the company. “Payments happen in an instant thanks to our Instant
Payment Notification System.”

ETN users also enjoy low-cost remittance.

“Cryptocurrency is revolutionizing cross-border remittances (sending money
abroad),” according to Electroneum. “ETN can be sent anywhere in the world to
anyone with the Electroneum app at a fraction of the cost compared to
traditional remittance services.”

Because of its functionality, more and more local entrepreneurs and businesses
are seeing the benefits that come with accepting ETN as well.

“We’ve seen taxi companies, barbers, and many small stores and businesses start
to accept ETN,” according to Electroneum. “Remember that ETN is probably the
first digital payment method that our users have ever had, and certainly the
first way to gain additional income from the developed world.”

With its accessibility, instant payment functionality, and potential for
reaching much of the world’s unbanked population, the Electroneum ecosystem is
putting forth innovative ideas in the crypto marketplace.

“I think we made Electroneum different right from the very beginning because you
could get a little bit of it on your smartphone, you get a reward system that
enables you to have it if you just install the free app,” Ells said. “And you
have some that you can start playing around with — you could send a little to a
friend and can start realizing what this can do.”

And if Ells’ vision and guidance have anything to say about it, Electroneum can
do a lot — for a lot of people. And he hasn’t melted a phone in years.

Editorial Note: Opinions expressed here are the author's alone, not those of any
bank, credit card issuer, airline or hotel chain, and have not been reviewed,
approved or otherwise endorsed by any of these entities.

Related Topics:

Blockchain


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ABOUT THE AUTHOR


MATT WALKER

CardRates.com contributing editor and card strategist Matt Walker leverages his
15-plus years of experience to cover the finance industry through comprehensive
consumer guides and in-depth features. His vast knowledge of the ins and outs of
finance allows him to translate complex financial topics into readable articles
suited for credit newbies and the most seasoned, tech-savvy investors alike.
Matt’s straightforward language highlights the latest developments in the
industry — from credit cards to cryptocurrencies — and informs consumers on how
they can benefit from them.


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