Globally, there are about 2 billion people who are unbanked. In the United States alone, about 10million households are either unbanked or underbanked. In a world where almost every cryptocurrency exchange requires the use of a financial account like a credit card, people who are unbanked are quite limited. As you can imagine, the unbanked or underbanked would have to make all their transactions in-person and in cash.
Unfortunately, they are often exploited by those who have other economic options.
Although cryptocurrency is seen as an outlet for economic freedom for many, the unbanked continue to face great obstacles even with this. Since most cryptocurrency exchanges require one to have a bank account, people who are unbanked cannot have access to the cryptocurrency world. That is why Paxful is working hard to offer the unbanked numerous options so that they too would be able to participate in the virtual currency arena without the need for a financial account.
Through Paxful’s humble gift cards — which can be purchased at any small shop or gas station – anyone can have access to the global economy through cryptocurrency. iTunes is the leading gift card used by the unbanked on Paxful. Just recently, the sum of $6,635,517 was converted into cryptocurrency via iTunes gift cards, with an average transaction cost of $97. The second most used gift card on Paxful is the Amazon gift card which featured the sum volume of almost $2.5 million last week ($84 per transaction). Other gift cards on the Paxful platform are eBay gift card, Best Buy gift card, and the Walmart gift card.
Paxful aims to offer economic freedom and options to people around the globe, particularly those living in areas that lack stable financial structures. With their platform and gift cards, unbanked people can also venture into the crypto world and enjoy the global economic system with ease.
Co-founder of Paxful, Ray Youssef commented: “We are the only p2p crypto service that deals with iTunes gift cards, why? All the others stopped supporting them because of the absolutely massive headache and near impossibility of proving proper account balances on iTunes gift cards. We have chosen to keep iTunes gift card support because it is still how the unbanked of Africa get their bitcoins. We refuse to abandon these unbanked users as the whole idea of bitcoin and Paxful is to help them.”