Hello Polkadot community!
This is a proposal from Electrocoin team to discuss our new idea regarding mobile payment wallet.
Hope you’ll find it interesting and worth your attention.
Basic info
Point of contact: Nikola Škorić
email: [email protected]
telegram: @nikolaskoric
Duration: 18 months
Requested amount: 334,000 USDT
Next, you can read our executive summary, while the complete proposal explained in detail will be at the end of the post.
Executive summary
Opportunity
Payment wallets are one of the fastest growing industries within the fintech ecosystem. The global mobile wallet market was valued at USD 7.42 billion in 2022 and is expected to grow at a compound annual growth rate of 28.3% from 2023 to 2030.
Problem statement
Most mobile payment wallets currently penetrating the market are based on the tradfi infrastructure: electronic money institution (EMI) licence + deep integration with VISA/MasterCard networks. This makes entering the market complex, expensive and time-consuming.
Proposed solution
Instead of building a wallet by acquiring an EMI licence and integrating with tradfi payment systems, we use existing crypto building blocks, including stablecoins, a crypto payment processor, and fiat on/off ramps. By connecting these building blocks, a brand-new mobile payment wallet can be shipped in a very short time.
Competitors
We are currently aware of only three projects doing this: airtm.com and Decaf in the US, littio.co in LatAm and stables.money in Australia. Each of them has its drawbacks, and only Airtm and Decaf have fiat on/off ramp capability in the EU. None of them operate in the Polkadot ecosystem.
Electrocoin’s solution
Electrocoin is a crypto/fiat on/off ramp from Zagreb, Croatia. We have existed for over 10 years, with a team of 30 people, and this year we processed €60M. We have the building blocks available:
Key features
Product launch strategy
Electrocoin has existing relationships with all the biggest mobile payment wallet user bases in Croatia: shops (retail chains, web shops), cash locations (kiosks, petrol stations), gambling industry (casinos, bookmakers). From day one, wallet can be used on more than 3,500 points of sale to buy virtually anything in Croatia. Electrocoin on its own has 40,000 existing brokerage users and 500 merchants with 3,500 locations.
Benefits for Polkadot ecosystem
We encourage you to check our full grant proposal content with in detail described examples and explanations.
Thank you for reading. We look forward to your feedback and are open to answer all your questions.
Hello Polkadot community! Electrocoin team has a new idea for a mobile payment wallet. They want to talk about it and see if you think it's a good idea. Here are the main points:
Thank you for reading, and they hope to hear your thoughts!
Hello Polkadot community!
This is a proposal from Electrocoin team to discuss our new idea regarding mobile payment wallet.
Hope you’ll find it interesting and worth your attention.
Basic info
Point of contact: Nikola Škorić
email: [email protected]
telegram: @nikolaskoric
Duration: 18 months
Requested amount: 334,000 USDT
Next, you can read our executive summary, while the complete proposal explained in detail will be at the end of the post.
Executive summary
Opportunity
Payment wallets are one of the fastest growing industries within the fintech ecosystem. The global mobile wallet market was valued at USD 7.42 billion in 2022 and is expected to grow at a compound annual growth rate of 28.3% from 2023 to 2030.
Problem statement
Most mobile payment wallets currently penetrating the market are based on the tradfi infrastructure: electronic money institution (EMI) licence + deep integration with VISA/MasterCard networks. This makes entering the market complex, expensive and time-consuming.
Proposed solution
Instead of building a wallet by acquiring an EMI licence and integrating with tradfi payment systems, we use existing crypto building blocks, including stablecoins, a crypto payment processor, and fiat on/off ramps. By connecting these building blocks, a brand-new mobile payment wallet can be shipped in a very short time.
Competitors
We are currently aware of only three projects doing this: airtm.com and Decaf in the US, littio.co in LatAm and stables.money in Australia. Each of them has its drawbacks, and only Airtm and Decaf have fiat on/off ramp capability in the EU. None of them operate in the Polkadot ecosystem.
Electrocoin’s solution
Electrocoin is a crypto/fiat on/off ramp from Zagreb, Croatia. We have existed for over 10 years, with a team of 30 people, and this year we processed €60M. We have the building blocks available:
Key features
Product launch strategy
Electrocoin has existing relationships with all the biggest mobile payment wallet user bases in Croatia: shops (retail chains, web shops), cash locations (kiosks, petrol stations), gambling industry (casinos, bookmakers). From day one, wallet can be used on more than 3,500 points of sale to buy virtually anything in Croatia. Electrocoin on its own has 40,000 existing brokerage users and 500 merchants with 3,500 locations.
Benefits for Polkadot ecosystem
We encourage you to check our full grant proposal content with in detail described examples and explanations.
Thank you for reading. We look forward to your feedback and are open to answer all your questions.
Threshold
Threshold