Pearl Pay will Allow for Financial Inclusion of the Business Community in the Philippines

bonanza-kreep (66)in #pearlpay • 6 years ago (edited)

Financial technologies have a straightforward impact on banking development and their business models. Since national payments infrastructures have been constantly changing in light of the recent payment system developments, the tendency towards greater openness and accessibility attracts a large number of fintech companies to try their hand at affecting the banking industry. As part of these developments, electronic remittances became available for a large audience. The ongoing fees, however, vary depending on local banking conditions. Pearl Pay is addressing this issue with its in-house elaboration, the Virtual Money Logistics System (VMLS) aimed at providing secure mobile banking solution starting from the Philippines and further expanding its services into other Asian countries.

https://pearlpay.io

The idea behind the solution

Many of the challenges faced by the banking system in the Philippines stem from the internal structural deficiencies. Due to the fact that the majority of the banks were established decades ago, many of them can experience difficulties in keeping up with the modern IT environment.

Pearl Pay intends to build its VML system upon the strong network of partnerships, in particular, with MatchMove to provide virtual wallet application, Komodo, a company to provide blockchain solutions, as well as Creo, a banking and financial advisory firm. The ultimate target of the MatchMove Wallet is to help banks expand client reach and improve financial access. For this, MatchMove will include P2P and cross-border transferring, virtual payment cards with loyalty programs, top up options, etc. While partnering up with Komodo and Creo, an access to the online marketplace of the service-oriented companies will be enabled.

Counting on technology

The VMLS will primarily serve the banks with its infrastructure to design their own mobile wallets. It therefore will allow for incorporating third party services related to payment methods. With its solution, Pearl Pay expects to increase familiarity with the electronic payment system across consumers. The vision consists of the Pearl Pay Remit to enable money transfers from abroad to the Philippines, Pearl Pay Exchange for cryptocurrency trading fueled by the PRPLAY Coin as a means of the service transactions.

https://pearlpay.io

To conduct overseas transfers, users will be required to integrate the Pearl Pay Remit with partnering banks. This will allow to exchange fiat assets to PRPLAY coins and then transfer them to another account with the use of the Pearl Pay Exchange.

PESO: Pera Express Strategic Outlet
The technology proposed will help so-called sari-sari stores alongside other small and medium-sized service providers to level up with digital payments.

ICO Details

Pre-ICO round has started on July 10 and will close on August 30, 2018 followed by the public ICO starting on September 1 and closing on October 30, 2018.

Beyond the Pearl Pay benefits, financial inclusion of the small businesses will obviously add value to the banking system itself. Nevertheless, the solution proposed is aimed at the Philippines, which will narrow the focus of its application, even the development plans include further introduction of the VML system to Singapore, Japan and Hong Kong.