London-based startup 44 Phones is launching a Proof of Concept mobile money service over its own mobile network covering UK, USA and India, with the aim of permitting mobile operators, small banks and payment solutions to trial the delivery of digital currency services.
With the latest announcements from the UK Treasury and Bank of England on cryptocurrencies, 44 Phones believes its project is in the ideal position to roll out on a global stage, attracting forward thinking partners.
Nick Grove, Founder of 44 Phones commented on the mobile platform:
Our intention for the platform is to engage with key stakeholders in the delivery of digital currency services, such as banks, payment service providers, mobile networks, NGO’s and Governments to engage with a range of projects on a single network that enables significant benefits in the development of digital currency and mobile money services. We have been working closely with a number of projects where we can see significant benefit in the mitigation of fraud and corruption for sending and receiving money, including salaries and aid, to rural areas. These areas also often have a need to deliver critical humanitarian advice for Ebola, Aids and Malaria for which we can encourage users to read simple content delivered via SMS, by rewarding them with loyalty tokens that they can then use to pay for things like energy or water.
44 Phones’ hybrid cash and cryptocurrency platform has been developed as a mobile banking application using Blockchain technology to deliver mobile money via SMS, mobile app and the Web. According to the company, key features include:
- Closed loop digital currency over blockchain
- Mobile Virtual Network Operator (MVNO) covering UK, USA, India
- Mobile banking platform with reach to rural unbanked economies
- Focus on compliance, regulation, security
- Demonstrates other uses such as loyalty schemes, pay per read, voting
- Innovations in technology for NFC
We have found that by being able to deliver these types of services to the lower economies we ensure we have a network that can deliver mobile money services to anyone and can then develop innovative approaches to service delivery via technology such as NFC enabled SIM cards. Additionally our use of existing regulatory platforms and blockchain technology will enable us to push the boundaries on compliance and regulation meaning the platform can be easily adoptable.
44 Phones plans an official pre-launch on the 10th of April at the virtual seminar www.mindthegapexpo.com, where the company will announce the blockchains that it is working with as well as alternative services.
44 Phones alternative services will include provision of local numbers in the UK, USA and India, fair use free roaming to over 80 destinations. Users can apparently have multiple numbers on their SIM card with competitive pricing for international calling from the UK, USA and India that they will be able to pay for with Bitcoin and other cryptocurrencies.
The 44 Phones believes that its solution to turn the blockchain into a network operator service will lead to wide spread adoption, as it will provide security and privacy over the blockchain, enable secure transactions by replacing traditional phone numbers with cryptocurrency ID’s, and meet all existing levels of compliance and regulation.
Through the representation of cryptocurrency ecosystem consultancy Coinstructors, 44 Phones provided a response to the UK Treasury’s call for information on the use of digital currency, which was published November 2014.