[Digital Today reporter Jinju Hong (홍진주)] Digital identity verification project World has begun distributing its self-custody finance app, 'World Money', in about 150 countries. It integrates stablecoins, global payments, virtual accounts, trading and yield programs into a single app, but the functions users can actually access vary by country depending on regulations and supporting infrastructure.

On Sept. 17 local time, blockchain media outlet The Defiant reported that World Money was designed to let users of the existing World app and World ID app transfer and use their existing verification information as-is. It supports balances in 8 currencies and offers features including World username-based transfers, portfolio tracking and price alerts.

It also includes a mini app ecosystem. Users can access services including Kalshi, Credit and Morpho within the app, and it also offers 'Earn', a Morpho-based yield program. Support varies by function and country, and some services follow the terms and conditions of third-party providers.

Virtual accounts are one of World Money's main functions. In the United States, Lead Bank receives transfers and Bridge converts them into USDC before depositing them into a user's World Chain-based World Wallet. Payroll or employer deposits are possible, but it cannot be used for person-to-person bank transfers.

In Central and South America, virtual accounts differ by region. Ripio provides accounts in Argentina, Colombia and Mexico that can convert local currency into supported digital assets. This also does not support payroll or employer deposits, and users must go through know-your-customer procedures during account opening.

Person-to-person transfers use World usernames. In supported countries, users can send digital assets to other users using only the username on a World Money account. World said this feature does not turn a virtual account into a typical person-to-person bank transfer service.

The yield program is based on on-chain lending protocols. Through Earn, users can allocate WLD, USDC, wrapped ether and wrapped bitcoin, among others, into on-chain lending programs selected by Morpho. Returns vary, and withdrawals may be delayed depending on on-chain liquidity and protocol conditions.

World also spelled out related risks. Smart contract and market risks exist, and displayed interest rates and rewards can also change. World ID-verified users can receive promotional preferential benefits for initial deposits of 1,000 WLD and 1,000 USDC, but this can also vary depending on conditions.

Because it is self-custody, responsibility for account management also rests with users. World said it cannot access or reset a user's password or passkey, and warned that if a user loses an existing device and has not kept separate login methods, it may be difficult to recover an account through support procedures alone.

World Money is not a bank but a service provided by Tools for Humanity. It also warned that digital assets and stablecoins in the app are not government-guaranteed, and that principal losses may occur in the course of using digital assets, including the yield program.

Ultimately, the pace at which World Money spreads is expected to depend not simply on the number of countries where it launches but on the range of functions users can actually use. Country-by-country regulations, identity verification requirements, financial infrastructure supporting virtual accounts and the scope of third-party services are expected to be major variables shaping the user experience.