How to use Yellow Pay to make instant and cheap cross-border payments across Africa

With the launch of Yellow Pay, we have made it much easier and cheaper to send and receive money across Africa. And we’ll walk you through the simple process here.

Yellow Card’s mission is financial inclusion for all, and we are renowned for facilitating easy and secure access to crypto for Africans. With Yellow Card, you can easily buy and sell cryptos in over 15 countries in Africa. You can also send cryptos or receive them from anywhere.

What problem does Yellow Pay solve?

pay yellow is a step beyond crypto to enable people across Africa to easily send and receive local currency.

Sending money locally to a country can be a hassle. It becomes even more difficult when you need to send funds across borders.

The main challenge is that there is often no reliable direct exchange of African fiat currencies. You’ll probably need to send the money in dollars, and then the recipient will convert it to their local currency. During the process of exchanging money, the value of the funds usually decreases.

Most of the traditional means of sending money often charge huge fees for sending money across borders due to the complexity of the process involved. That’s not all: transactions can take hours, days or even weeks. At the same time, you must go through a rigorous documentation process at the local money transfer company to facilitate this transaction.

How does Yellow Pay solve this problem?

Our crypto exchange has successfully helped to provide fast and efficient financial services. And now Yellow Pay is another step to make sure this process is much simpler and less stressful for sender and receiver – especially for those who are still new to crypto.

How? Without buying and sending crypto, you can directly send funds in your local currency, and the recipient receives them directly in their local currency. Very simple, you will agree!

How Yellow Pay works

Yellow Pay: how Yellow Card’s instant cross-border payment functionality works

Yellow Pay allows you to transfer funds to other customers in their local currency using their registered mobile number. Here’s how it works:

  • Nigerian Yellow Card customer Joel wants to send money to his friend Edem in Ghana who is also a Yellow Card customer.
  • Joel opens his Yellow Card app and funds his account with naira. He then selects the Yellow Pay feature and enters Edem’s phone number, which Edem used to register for Yellow Card.
  • Joel enters the amount he wants to send and sees how much Edem will receive. He confirms the transaction and sends the money on his way.
  • Edem instantly receives the cedis equivalent of what Joel sends (based on the current Yellow Pay exchange rate).
  • Upon receipt of funds, Edem can instantly withdraw to their bank or Mobile Money (MoMo) account.

You’re probably wondering how it all works?

How Yellow Pay uses Yellow Card Crypto Rails

To simplify the sending process, we allow users to send funds using the recipient’s mobile number, which is easily accessible. We understand that not everyone understands how crypto works, and that can be a challenge for some, so we’ve made it simple. Here’s how we do it:

  • We are a crypto exchange and own Bitcoin and USDT liquidity, which allows us to process the transaction cross-border, effectively reducing the cost and time it usually takes.
  • When Joel initiates the send money (NGN) prompt, our system is already programmed to convert the funds into USDT, which are sent to Edem.
  • However, Edem does not receive it in USDT as we automatically convert it back to their local currency (GHS) before it reaches their account. Edem is informed and he can withdraw his funds.

Just like that – Yellow Pay used Yellow Card’s USDT crypto rails to complete the transaction quickly and easily.

How to get started with Yellow Pay

  1. Download the Yellow Card Application
  2. Register and verify your account
  3. Fund your wallet with naira
  4. Go to “Pay” from your home screen and select “Send”.
  5. Enter the recipient’s phone number (must have a verified Yellow Card account).
  6. Enter the amount to send to the recipient
  7. Confirm the details and authorize the send.

That’s it! The recipient will receive it instantly.

Yellow Pay does send and receive funds easier so that people with no crypto experience or knowledge can enjoy the best financial services – because financial inclusion is for everyone.

Get started with Yellow Pay today!

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