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Brazilian Retailer Via Varejo Partners Airfox For Blockchain Payment Solutions

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Brazilian retail giant Via Varejo said it partnered with blockchain payment service Airfox to provide financial services to its customers powered by blockchain technology.

The exclusive partnership with Via Varejo, the owner of home appliance and furniture chain Casa Bahia, will enable Airfox to provide mobile financial services to 60 million Brazilian consumers across Varejo's near 1,000 retail stores and e-commerce websites. Via Varejo stores serve 68% of Brazil's population.

The Airfox digital banking platform will provide consumers an easy, fast, and cost-free way to complete daily financial tasks such as buying goods, paying bills, transferring money, and recharging public transit cards using their mobile phones, all using a single app.

The Airfox app will enable customers to deposit and withdraw money at any Casas Bahia store as well as over 200,000 other offline locations, including post-offices, banks, and ATMs.

Airfox will also help customers to easily pay back their in-store loans provided by Casas Bahia using the app. These in-store loans are used to purchase large-ticket items like furniture, electronics, and appliances. Via Varejo issues roughly 300,000 new in-store loans per month, with the current outstanding at $1 billion.

The partnership with Via Varejo will allow Airfox to extend its mobile digital wallet to Via Varejo's national customer base and drive mainstream adoption. The wallet is already accessible in the Brazilian market nationwide.

Airfox app also provides additional features such as access to microloans, user authentication by biometric facial recognition, QR code charge and payment features, advanced machine learning to assess credit risk from smartphone data, and more.

The Airfox app, available on Android, eliminates the need for traditional financial institutions and enables unbanked users, without credit, access to critical financial services.

The Airfox lending platform runs on the AirToken platform (AIR), an ERC-20 token built on the Ethereum blockchain. The native digital utility token facilitates the transfer of mobile airtime, data and currency, as well as payments for goods and services, with minimal friction and fees.

by RTTNews Staff Writer

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