Inclusive Financial service mechanism-Pngme

As we have entered the era of blockchain technology, we are expecting to get our current payment and financial services to get faster and secured. We have seen a gradual integration of the blockchain technology in the payment mechanism and will have an instantaneous and borderless market with going onwards. In recent years, with the rise of smartphones, we see mobile-based technology to be leading in the financial sector at large. People are now more comfortable doing business and making payments sitting anywhere. And there are many blockchain-based technology that is in the market who are leading and using innovations in making payment method smoother than the traditional method. But there are still customers and business enterprises who are largely outside of the financial market due to many obstacles in the traditional financial service providing method. The Pngme is a global mobile app that aims to make banking services to that part of the sector, making a turn in the global economy.

Inclusive financial mechanism-Pngme:
The Pngme mobile app is a global mobile banking app that has a mission to provide an open and transparent platform for lending. The lending platform of such will have a huge influence on the businesses and individuals who are excluded from the financial market. With the gradual change in technology, the smartphone has become a center for all financial services. It is expected to have almost two hundred billion dollar revenue to be earned from the inclusion of that part of the customers and businesses that are unable to get financial services from the traditional financial market. This market opportunity is recognized by the Pngme and upon which they have taken the initiative to develop a mobile application, making it easier for not only the untouched market but also for everyone to have easy access to the financial services.

Due to the high cost associated with the lower pyramid customer of the financial sector and micro, small, and medium enterprises, they remain segmented as an unprofitable customer and are excluded from the market. The total amount of such an untouched segment of customers is around two to three billion people, and among them, almost one and half billion are entirely unbanked. Along with these, there are almost two hundred million of small, micro, and medium enterprises which remained excluded from the financial sector and suffered highly when comes to acquire capital need from the market. Although these enterprises get help from non-profit organizations, their reach is limited to some point. This has resulted in the ever-widening of the gap between the top tier of the pyramid with the bottom tier of the pyramid in the last decade. There have been easy access, and the lower interest rate offered to the top tired ones while the bottom of the tier remains largely out of the market.

The Pngme app comes here to tackle these obstacles of the traditional financing through utilizing the blockchain technology in mobile app and making an all-inclusive banking experience which will include features such as mobile payments, savings scheme, digital credit scoring which are also needed by the financial institutions and to those who were excluded from the financial market. The technology of Pngcoin will drastically reduce the cost of lending and services to the excluded segment of the customer, which was very unlikely for the traditional sector. This inclusion will lead to significant growth in the economy. The Pngme also aims to have a partnership with the existing institutions so that they can provide a white label solution to the largely excluded customers and business enterprises.

Conclusion:
There has been a prediction of having an economic boost in the growth of which 14% rise in the GDP in the developing countries with the implementation of inclusive banking services though Pngme app. Not only the impact on the economy but also the inclusive service of banking through Pngme app will have a rise in the revenue of approximately two hundred billion dollars by providing financial services to the financially excluded individuals and small, micro and medium enterprises. The project, based on the concept of global all-inclusive financial services, is going to add a billion-dollar customer segment in the financial sector with lower cost and easy access to all economic benefits.