PRESS RELEASE
STAFF WRITER | Tuesday October 8, 2024 10:31
PRESS RELEASE
Temtum to launch a Visitor Token in Botswana
Temtum, a Botswana Special Economic Zones Authority licensed company, is exploring the issuance of a digital currency visitor token through the support of Ministry of Environment and Tourism. This project will run on Oracle Cloud Infrastructure (OCI)
LONDON 28 SEPTEMBER 2024: Temtum, the advanced technology business which offers an efficient and cost-effective payment and settlement system, has today announced its intention to explore the issuance of a digital currency visitor token (DCVT) in Botswana.
The visitor token would be used by visitors traveling throughout the country to pay for all visitor-based purchases. For tourists, the token will provide a secure and convenient payment solution, with merchants benefiting from transaction or payment processing fees that are a fraction of the costs currently incurred. The DCVT will be running exclusively on Oracle Cloud Infrastructure (OCI).
With the token, Botswana will boost local tourism and welcome international travellers unlike any other neighbouring country. Botswana will be able to better understand tourists, their preferences, and behaviours in order to better cater for future demands and expand the tourism industry. This will empower businesses and policymakers with valuable information for strategic decision-making. The DCVT will have the added benefit of being used by Botswana nationals for specific purchases as well as helping alleviate the unemployment challenges in Botswana. The Special Economic Zone Authority, Botswana Tourism Organisation and Hospitality and Tourism Association of Botswana will support the project.
This project will pioneer the future of digital tourism in Africa and will empower tourists and visitors to conduct business effortlessly and bring digital currency solutions to the country. The Stakeholders believe “The benefits to tourists, local business owners, and nationals are undeniable, and we look forward to the benefits of the platform”.
Temtum offers finance payment systems and settlement using its own technology that are specifically designed to provide governments and financial institutions with fully integrated solutions for the implementation of Central Bank Digital Currencies (CBDCs) and national digital currencies, mobile money and other payment systems.
David Shimmon, Chairman at Temtum, added: “This new development in Botswana fosters the growth of local tourism enterprises, regardless of their scale, but also ensures secure and direct payments for visitors and nationals. Digital currencies will revolutionize the way countries approach transactions, and we’re pleased to be supporting Botswana on this journey.”
In collaboration with local partners, and adhering to local licensing and compliance regulations, the visitor token is expected to be launched in late 2024.
For more information visit Temtum Group