Cryptocurrency network temtum has launched a new solution that enables crypto payments to be made via SMS.
Described as ‘the first decentralised, network-based SMS payments solution,’ the product enables anyone to send cryptocurrency by SMS with no fees and no need for a smartphone.
The firm hopes that its solution will provide the ability for those who are unbanked to share funds directly, without third-party oversight.
“You shouldn’t need a smartphone to use cryptocurrency,” said Richard Dennis, Founder and CEO of temtum.
“We developed temtum as a decentralised network that requires almost zero computational resources or infrastructure. With temtum SMS payments, anyone can send and receive cryptocurrency with no fees and nothing more than a phone number.”
In order to access the solution, users must create a temtum web wallet, add funds, and link their phone number. Once the user confirms their phone number via SMS, they can send temtum, the network’s cryptocurrency, to anyone else with a mobile phone number.
If the recipient does not have a temtum web wallet, the funds are held in a ghost account on the blockchain until they’re able to access the internet to sign up for a web wallet. Users can also send SMS messages to find out their account history and wallet balance.
There are no embedded transaction costs and the solution features two-factor authentication and private passwords that are not stored by the network.
Operating without third-party payment processors is expected to further protect wallet holders’ funds and transactions from the oversight of ‘corrupt banks and politicians.’
Dennis continued: “While many others have worked to develop this type of technology, we’re proud to be the first with a fully functional, decentralised, network-based SMS payments solution ready for users to adopt worldwide.”