Bankymoon: Why South Africans Don’t Trust Bitcoin

According to Lorien Gamaroff, CEO of Bankymoon, Africans rarely use Bitcoin to pay for other services such as water and electricity because they do not believe in Bitcoin as a currency. However, considering that most of the population in Africa does not have bank accounts, Bitcoin may still be a perfect alternative to the traditional banking system in the region.

Bankymoon, a South African startup, offers different utility bill payment options, including cryptocurrencies like Bitcoin. They even offer a smart contract-based payment method. It allows users to make payments without involving a third party, thus, avoiding additional fees.

Unfortunately, South Africans have not accepted this payment method. According to Lorien Gamaroff, "Their utility payment system is not widely used in Africa because most people don't know about Bitcoin. They only know about the exchange hacking incidents and the negative news about the underground market, so they don't have much confidence in this currency."

“Most of those using these payment methods are customers in pilot studies. Unfortunately, cryptocurrencies still seem to be very advanced in African countries. I look forward to the world catching up with this innovation.”

I believe that when Bitcoin price fluctuations stabilize and more online services accept this payment method, they will see more value in it as a currency.

This payment system does have great prospects, as 80% of Africans do not have bank accounts and most are already accustomed to the concept of mobile payments, so it may only be a matter of time before they accept Bitcoin.

There are already several companies providing mobile payment solutions, such as M-Pesa, MFS Africa, Safaricom, etc. Obviously, compared with Bankymoon's Bitcoin payment solution, these companies' solutions are more popular in Africa.

Original article: http://cointelegraph.com/news/116073/why-south-africans-dont-trust-bitcoin-to-pay-utility-bills
By Lana Smiley
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/africans-bitcoin)