To extend critical financial services to the underserved, Airfox launched its free Android app in February 2017. Airfox is first targeting Brazil, where more than half of the nation’s young people do not have bank accounts, due to exorbitant fees, interest rates, and overly bureaucratic systems. Airfox is using blockchain technology to provide a new mobile financial ecosystem that facilitates easy cash deposits and international remittances for quick and inexpensive money transfers and digital payments. Airfox users in Brazil can put money in the app via a Boleto Bancário - an official Brazilian payment method regulated by the Central Bank of Brazil. Brazilians can also easily deposit cash into the Airfox app at more than 40,000 locations countrywide. Through the mobile app, users can recharge public transit cards, pay utility bills and receive microloans. Airfox is working to build a marketplace for online and offline services in Brazil and other emerging markets.
