Open a Bank Account in The UK by Taking a Selfie – BABB

Do you know this? Almost 2 billion people in the world have neither a bank account nor a mobile-based money service. Why? There are so many reasons for them to live without a bank account. Many of them may have low income which disqualifies them from opening a traditional bank account. Some people don’t trust banks, cards, wallets, etc. and they prefer only cash transactions. Usually, refugees or asylum seekers will not be able to provide the necessary documents like proof of address, identity, etc. for opening a bank account. Irrespective of whatever the reason might be, these people cannot access insurance, credit, savings or other related products as they don’t have a bank account.

Banks and other financial institutions are missing the golden opportunity to make this kind of individuals as their customers because of their low-income potential. They always think of the “big “customers who will be depositing more amount in their institutions so that they will grow remarkably by lending that money to others with a higher interest rate. Is this a healthy financial eco-system? No. How to make sure that everyone in the world has a bank account? Is it achievable? Yes. That’s exactly the objective of the global banking platform named BABB (Bank Account Based Blockchain). As per the name, BABB platform is based on the blockchain technology and is developed by BABB App Ltd (UK based company) which is accepted as an authorized payment institution by Financial Conduct Authority. BABB aims to provide a UK bank account to anyone having a smartphone and internet connection.

The BABB platform has three main features that are given below:

1. BABB app – Do you want to open a bank account? No need to visit any physical branch by taking with you a bunch of documents. BABB mobile app allows anyone located anywhere in the world to open a bank account by simply taking a selfie and saying a passphrase. That’s it. Your bank account is opened successfully, and you can do all the basic transactions like send/receive money Selfie is used to verify your identity and passphrase for verifying your voice. Using the BABB app, you can send money to an individual located anywhere in the world with zero transaction fee. Also, it is possible to do currency exchange using the BABB mobile app.

1. Black card – BABB platform issues a secure payment card that can be linked to your bank account using QR code or NFC tag. The card will not contain any personal information like name, DOB, etc. This card can be used as a debit card or a prepaid card. If the card is lost, you can easily unlink it from your bank account and buy a new card from many retailers. You can use this card for doing online shopping and all kinds of transactions that are done with a traditional credit/debit card.
2. Social KYC – It is the most innovative feature of the BABB platform. An individual with full KYC can help another individual who doesn’t have enough documentation for opening a bank account. This feature will be extremely beneficial for refugees or asylum seekers who will not have sufficient documents to prove their identity. Sounds Interesting? Visit https://resources.getbabb.com/whitepapers/en/babb-whitepaper.pdf to learn more information about the BABB platform.

The only thing that is needed to access the platform is BAX tokens which will be available for sale during the token sale event. These tokens will be used to pay for all the services, fees and licensing of the BABB platform. In a nutshell, BAX token is like the heart of the BABB platform. Kindly visit https://getbabb.com/ to get the latest information about the token sale.

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