Country: Kenya
Year: 2014

Concept

  • Bitsoko is a mobile money platform, which leverages Blockchain technology to reduce transaction costs. The decentralized merchant service provider has built both a mobile wallet and an open-source point-of-sale service called “SokoPos” that helps merchants with sales, marketing and store management.

Consumer Benefits

  • Secure: the platform leverages Blockchain technology, creating a secure alternative for transactions as small as 5 Kenyan Shillings (equivalent to $0.05).

  • Scalable: customers are able to transact in any country where mobile money or banking systems exist. The Enterprise Services Model is held on its own platform and is in control over its own data.

  • Reduced Transaction Costs: the Bitsoko platform reduces traditional mobile banking fees from 4-8% to 0.5%. The service also reduces minimum transaction amounts as well as transaction times, reaching as low as 30 seconds.

  • Increased customer experience: the POS system “SokoPos” provides several features increasing customer satisfaction such as customer reward programs, an inbuilt delivery function, an automated billing system and customer feedback functions.

  • Mobile marketing service: the platform also counts an open-source proximity signage function amongst its features. This service allows merchants to connect with new and existing customers through personalized offers and messages.

How to use

  • To use the platform, customers need a Bitsoko username, phone number or bitcoin wallet address. The Enterprise Services Model costs 5000 Kes a month with an additional .35% on every completed order.

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