Bitcoin is on a slow march to become a more globally used virtual currency and the latest area of the globe where an impact is being made is Morocco. According to an E-Coin representative, 15% of the website traffic for this Bitcoin debit card provider is coming from Morocco and quite a few people are signing up for their debit card service.
E-Coin Becomes a Household Name in Morocco
When it comes to the country of Morocco, very little media attention is going out to the local financial infrastructure right now. Similar to most countries in that part of the world, most Moroccans have little to no access to a financial infrastructure in comparison to the Western world, which opens the doors for Bitcoin adoption.
Back in 2007, Morocco’s financial sector started on a mission to further grow the banking activity in the country. Unlike other banks around the world, Morocco’s banking sector has not felt the brunt of the global economic crisis and even saw an increase in people signing up for a bank account.
To make matters even more interesting, various private banks have been buying up companies across the entire financial industry to expand their global service platform. Moroccan banks are one of the very few financial institutions who issued more loans after 2007, which is in stark contrast to the rest of the world.
As you would come to expect from a growing banking sector, payment terminals and card payments in Morocco are on the rise as well. Even though there is still a large group of unbanked and underbanked citizens, they will be able to enjoy this financial infrastructure by flocking to Bitcoin and E-Coin.
One of the main reasons why E-Coin’s Bitcoin debit card is getting so much interest from Moroccan citizens is due to the fact it is not linked to one particular bank. Despite a growth in the banking sector, there is only a handful of banks active in the country. This lack of diversity is worrying everyday consumers, as they feel the entire country’s ecosystem is tightly in the hands of these banks.
Bitcoin offers a way out of this system while still making use of the infrastructure put in place. A Bitcoin Debit Card, like the one issued by E-Coin, allows consumers to make card payments and spend Bitcoin at the same time. For the merchant receiving the payment, there is a flat fee charged regardless of the amount paid, making debit cards a more favourable alternative to credit cards.
Now that the E-Coin homepage is listed in the top 1,000 of most-visited websites in all of Morocco, it will be interesting to see if this growth continues over the next few months. So far, the company has been off to a good start, by offering their cards at a fair price and denominating them in USD, EUR, and GBP currencies.
Just last month, E-Coin announced its affiliate program, giving existing and new customers an incentive to tell their friends and family about this Bitcoin Debit Card. Every referral will earn a cardholder a percentage of their loading fees for the lifetime of their account, creating a small but completely passive revenue stream.
Bitcoin Debit Cards are a great tool to talk about the benefits offered by virtual currency, while giving novice users a medium they are accustomed to. Bitcoin Debit Cards might not be the perfect solution, but companies like E-Coin are making it possible for enthusiasts to spend Bitcoin at nearly every major location around the world.
Source: Press Release via Email
Images courtesy of E-Coin, Shutterstock