Airfox also wants to entice people to engage with the app often by rewarding them with cryptocurrency. Later on, there will be video advertisements in the application that users can watch if they want to earn some crypto, which they can then turn into traditional money and add it to their balance. The company says it’s also going to offer micro loans, with the amount of money that can be offered and interest rates set to be based on how the app’s algorithms view an individual’s trustworthiness. Airfox says people can build up their score simply by using the app on a daily basis, as it’ll keep track of your activity and know if you’re depositing money often or paying bills on time.
Since this is aimed at people in emerging markets, Airfox doesn’t plan to launch an iPhone app soon, as it notes that its target demographic leans more toward Android handsets. All in all, Airfox says its goal is to be cheaper and generally more accessible than traditional financial services, and it hopes to expand all these features beyond Brazil in the near future — though it doesn’t see coming to the US soon, since there are more banking regulations there than in most countries around the world.
Catch up on the latest news from MWC 2018 right here.