UK-based Babb Group recently launched its namesake mobile money app, which offers money transfers as well as the option to store funds such as “decentralized crypto, backed stablecoins and regulated fiat money” and convert between these options. . Babb Coin X is one of those "stablecoins", which is a type of cryptocurrency whose value is tied to that of a tangible commodity or government-issued currency. Users can also access their funds through Babb debit cards, which can be used at retailers that participate in US technology company Mastercard's network. Transaction fees range from zero to five 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...which is paramount to ending poverty and socioeconomic inequalities." Company financial information is not available.
Headquartered in the state of New York, USA, Mastercard connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. For the quarter ending March 2023, the company reported net income of $5.7 billion on total assets of $39 billion.
By Rohit Dayanand, Research Associate
Additional sources and resources
Babb home page
https://getbabb.com/
Babb app on the Apple App Store
https://apps.apple.com/us/app/babb/id1474391121
Babb App on Google Play Store
https://play.google.com/store/apps/details?id=com.babb.app&hl=en_US&gl=US
Investopedia Stablecoin Definition
https://www.investopedia.com/terms/s/stablecoin.asp
mastercard home page
https://www.mastercard.us/
Previous summary of MicroCapital 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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