UK-based Babb Group recently launched its eponymous mobile money app, which offers money transfers as well as the option to store funds as “decentralized crypto, backed stable-coins, and regulated fiat money” and convert among these options. Babb’s Currency X is one such “stable coin,” which is a type of cryptocurrency whose value is pegged to that of a tangible commodity or government-issued currency. Users can also access their funds via Babb’s debit cards, which can be used at retailers participating in the network of US-based technology firm Mastercard. Transaction fees range from zero to 5 percent.
Founded in 2018, Baab Group is a crypto asset company that takes the position that “access to basic financial services is a fundamental human right… that is paramount to ending poverty and socio-economic inequalities.” Financial information on the firm is not available.
Headquartered in the US state of New York, Mastercard connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. For the quarter ending March 2023, the firm reported net revenue of USD 5.7 billion on total assets of USD 39 billion.
By Rohit Dayanand, Research Associate
Sources and Additional Resources
Babb homepage
https://getbabb.com/
Babb app on the Apple App Store
https://apps.apple.com/us/app/babb/id1474391121
Babb app on the Google Play Store
https://play.google.com/store/apps/details?id=com.babb.app&hl=en_US&gl=US
Investopedia definition of stable coin
https://www.investopedia.com/terms/s/stablecoin.asp
Mastercard homepage
https://www.mastercard.us/
Previous MicroCapital Brief on Mastercard
https://www.microcapital.org/microcapital-brief-diamond-trust-bank-dtb-to-offer-fintechs-in-kenya-access-to-mastercard-payment-cards/
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