DASH and its SMS payments service in Venezuela.
By Ronak_Sunara - 2018-11-12
Cryptocurrencies or as some may call it crypto assets have been changing the course of the payment system in a tremendous manner. Introduction of decentralized blockchain has not only removed the need for trusting third parties but has also made money transfer easier, quicker and cheaper.
DASH also known as Digital cash has proven to be reliable source for money transfer in many countries, especially in Venezuela. DASH is a peer to peer decentralized electronic cash which is said to be as liquid as real cash. DASH provides what BTC lacks that is privacy as well as high transaction speed with negligible fees.
For a long time now, great South American country have been using cryptocurrencies due to massive inflation that has taken hold of their domestic currency. It is being said that “Fiat currency is more volatile in Venezuela right now than cryptocurrencies”.
DASH core team has developed a mobile payments system in Venezuela known as DASH text or dash SMS payment service which allows you to send and receive the cryptocurrency by Short Message Service (SMS). Now, people of Venezuela can easily and quickly transfer funds using their mobile phones without worrying about it losing its value after transaction, as transactions will take place in seconds.
Massive inflation in Venezuela is spurring cryptocurrency adoption and has created a perfect opportunity for Dash to test its product.
“Venezuela can be a great laboratory on how we make it easier from a product point of view, from a communication point of view,”
Bradley Zastrow, the global head of business development for the Dash core group says.
For using DASH text and getting involved in crypto, people don’t need smartphones or internet access anymore. It can be done simply using the cellular network. Even people with low economic status can be a part as they won’t have to invest in smartphones or internet services to make or receive payments.
How to sign up for DASH text?
Even the signing up procedure is quite simply. Venezuelans just have to text ‘DASH’ to 22625 and ‘CREAR’ to the same number after that and boom they’ll have DASH crypto wallet. Currently, the service is in public Beta and can only be accessed by Venezuelan citizens using two of the country’s major telecom companies namely Digitel and Movistar.
Current Adoption Status
Currently more than 2200 merchants in Venezuela accept DASH as form of payment and the number is said to grow by 150-200 every week. We will soon see mass adoption of DASH in Venezuela.
DASH is planning to expand its payment services in other countries such as Argentina, Turkey, Iran, Africa etc. where fiat currency is experiencing problems after observing the value proposition and scope of improvement in Venezuela.
DASH is a peer to peer decentralized electronic cash that is used solely to solve money transfer problems by providing users with high privacy, speedy transactions and negligible transaction fees.
Recently DASH announced launch of SMS payment service in Venezuela which enables its users to send or receive the cryptocurrency DASH by Short Message Service (SMS).
People don’t need to reply on smartphones or internet access anymore to send or receive cryptocurrency. They can simply use cellular network to transact in cryptocurrency DASH. This has proved to be a crucial step in crypto mass adoption as people with low economic status who couldn’t afford to buy smartphone or pay for internet services can now participate in crypto-based transactions by using any simple phone with cellular network.