The Latin American company Koibanx developed the first micro-payment pilot program on Blockchain with Banco Davivienda, one of the largest banks in Colombia. The pilot involved 150 users designated by Davivienda, along with 80 students from the College of Advanced Management Studies (CESA), who were able to use tokens to use in the restaurant chain DiAlimentos.
The pilot lasted 3 months and was a success for everyone involved. Users paid directly from their virtual wallets, to which they were charged credit from their Davivienda accounts. Among the highlights, the time for processing the payment was less than that of a credit card, shortening the time spent by the clients in the cashier, lower commissions in comparison to a dataphone, since the transaction fee was more economical that of a credit card and, finally, the money from the transactions was instantly credited to the merchant. This way, the application of Blockchain technology allowed the business to automate its accounting process in real time.
The success of this pilot is a clear example of how the Blockchain technology can fulfill its promise to improve the daily life of people. For Banco Davivienda, the pilot signaled its first step in the direction of offering financial services to the unbanked in the region through safe, scalable and automated products. What makes them regional pioneers in terms of Blockchain solutions. Dr. Yesika Padilla Yañez, director of innovation at the bank, explains that this is one of the bank’s goals: to grow continuously to stay at the forefront of the financial sector. And today, clearly, the future of the banking sector is on the Blockchain.
The Blockchain Wallet of Koibanx, KBX Debit, is developed on the Blockchain of RSK Labs. RSK is the first Blockchain that allows the creation of smart contracts powered by the Bitcoin Blockchain, which makes it today the transaction network of safest programmable value on the planet.
Koibanx is already exploring the possibilities of scaling the Blockchain Wallet network so that it can be used by more users and in more businesses. For the CEO and Founder of Koibanx, Gabriel Kurman, the confidence of Davivienda in his company and in the Blockchain technology is a very important example of how each day the innovation and the benefits that this technology brings with it are becoming a reality.