The Bill and Melinda Gates Foundation is collaborating with digital payments firm Coil and Ripple Labs Inc. to implement the Interledger Protocol, Mr. Miller Abel the foundations Deputy Director and Principal Technologist, tweeted on 17th Oct. The Foundation itself hasn’t made a formal announcement regarding the collaboration.
Aside from the execution of Ripple’s Interledger Protocol, which is formed to connect different payment ledger and allow the faster processing of cross-border transfer, the collaboration is set to explore the way Mojaloop can support ‘Unbanked payment systems.’
— Miller Abel (@MillerAbel_) October 17, 2018
MojaLoop was started by Gates Foundation a year ago in October and uses InterLedger technology. It’s an open-source mobile payment platform for financial organization, government regulators and other fintech industry players prepared to promote mobile payments in the developing world and give financial services for unbanked people around the globe.
As per the data from the World Bank, in 2017 there were about 1.7 billion adults who were technically unbanked, which is around 30% of the global population. Most of them live in middle and low income emerging markets and don’t have literal access to regular banking due to an absence of clear identification information.
With the blockchain-based platform, unbanked individuals can reportedly receive a digital identity for use in their banking, just with the help of their smartphones, while biometrics will do the rest.
Coil was established by former CTO of Ripple Mr. Stefan Thomas, is too based on Interledger technology. The subscription platform enables users to monetarily back content creators in addition to controlling ads and streamlining the website paywall process.