Shifting Focus & Embracing Change
BABB has always explored innovative ways to empower users with accessible financial solutions. Our initial interest in offering physical cards stemmed from the goal of bridging traditional banking with new payment technologies. However, the payment landscape is evolving remarkably, with digital solutions rapidly gaining dominance.
After careful consideration, we’ve decided to shift our focus towards cutting-edge technologies that better align with BABB’s core vision and the future of finance. This strategic decision will allow us to channel our resources into developing solutions that offer greater efficiency, security, and flexibility for our global user base.
Unexpected Issues
While preparing to launch our card program, we encountered unforeseen challenges. Our chosen card provider experienced regulatory hurdles, creating significant uncertainty regarding our intended launch timeline (which was supposed to be last year). Additionally, we recognised the inherent costs and inefficiencies associated with traditional card infrastructure.
Maintaining and scaling a physical card program requires substantial resources, potentially diverting focus and investment from our core strengths in blockchain-powered financial solutions. This realisation, coupled with the provider’s delays, solidified our decision to pivot our strategy.
Towards Digital Finance and Innovation
The future of payments lies between TradFI and DeFi (much like our Onchain Money solution). The Onchain Money model offers the potential for near-instant, low-cost transactions across borders, without the need for intermediaries or the limitations of traditional financial systems. Furthermore, user preferences are rapidly shifting towards convenient mobile payments and the integration of cryptocurrency assets. Payments in the future will be easier via NFC technology or by scanning an establishment’s QR code, not to mention more secure and convenient.
By focusing on and analysing the data throughout recent years, it became clear to us that a physical card is not or will no longer be appealing. With technologies like Onchain Money, we can eliminate the need for physical forms of exchange that may become increasingly obsolete in the coming years. This strategic shift positions BABB to lead the way in providing seamless payment experiences that meet the demands of a digital-first world.
EUR Accounts and Beyond
Our decision to prioritise digital solutions empowers us to accelerate the rollout of EUR accounts. This aligns directly with our goals of expanding financial access and enabling seamless, borderless payments for our users.
By shifting away from the traditional card infrastructure, we free up valuable resources for the development of our core product offerings. This allows us to channel our expertise and investment into blockchain-powered solutions that will drive the next generation of financial services.
BABB’s mission of financial inclusion remains the main objective. Though strategies may evolve, our dedication to providing accessible and empowering financial tools is the only way. Building innovative digital solutions is the most effective way to bring our vision to life on a global scale.