QuikWallet acquired a license from the Reserve Bank of India in 2016 to operate a semi-closed payment system, which the co-founder and CEO of QuikWallet, Mohit Lalvani, told Dash Force News takes around “18 months and $5 million in capital requirements” along with “quarterly security audits and certifications”. Quikwallet then introduced its consumer facing app to grant users access to their network of over 4500 merchants across India with most business coming from Mumbai and Pune.
The new integration with Dash allows users to convert their crypto to Indian Rupee and use their money on the QuikWallet network. Consumers can make purchases from “brick and mortar merchants like restaurants [and] corner shops as well as online merchants in travel and various other categories”, Mohit mentioned, as well as “utility bill payments like prepaid mobile airtime, electricity & gas, satellite TV, Broadband and Metro Travel cards.” They also plan to soon integrate “gift cards from over 50 large retailers both online and brick and mortar, bus ticket bookings & more.”
Rapid Growth in India
India is a rapidly growing economy that rivals China’s growth, but deals with numerous monetary and fiscal hiccups along that way, which crypto can help solve. India’s rapid growth has outpaced its technological adoption in some areas and regulatory reform, which leaves many small business still accepting cash and many black markets. However, cryptocurrencies allow businesses and consumers to get a checking and savings account while bypassing India’s notorious bureaucratic system, which can plunder much needed time and revenue from those that cannot afford such losses. In addition, cryptocurrencies prevent government meddling of the currency, which can often hurt the poorest individuals the most. Integrations like QuikWallet’s are making cryptocurrency adoption even easier for those that may not have the time to learn.
Lalvani said QuikWallet adopted Dash into their app because Dash has “really interesting and effective governance and consensus mechanism” that is enhanced “with low fees and fast confirmation times and a thriving community pushing for adoption”. Mohit also believes that QuikWallet can “play a significant role in enabling adoption in India”. QuikWallet is doing this right now with merchant spending, but plan to expand into remittances since they recently got approval from the Reserve Bank of India to offer “foreign inward remittances” and thus allow “instant transactions at a fraction of what it costs today using traditional banking channels”. QuikWallet is streamlining the payment process for many Indians and leveraging Dash to making it even cheaper, faster, and safer.
Dash’s commitment to help individuals
Dash strives to make cryptocurrency as usable as possible for the average consumer in everyday life. This is accomplished via Dash’s low transaction fees and fast transaction times, but also via Dash’s commitment to user experience. The community around Dash understands that in order to maximize mass adoption, cryptocurrency needs to be easy and intuitive to understand and use. This is what has lead to Dash teams being established across the world explaining how Dash works in an intuitive and personal way that most other cryptocurrencies cannot offer. This commitment permeates throughout the Dash community, illustrated here with QuikWallet, which is integrating Dash into a consumer-familiar app, thus making adoption even easier without losing the benefits of Dash.
One of cryptocurrency’s goals is to help the poorest individuals that have been left behind by the current monetary and financial system. Dash is making significant steps towards that goal because its community is constantly working on projects to bring Dash to those that can benefit greatly from Dash, but do not have the resources to seek out information themselves.
*Note: Some places within the article mistaken spelled QuikWallet with a “c” and mentioned “Royal Bank of India” instead of its proper name of “Reserve Bank of India”. The errors have since been corrected.