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    Date submitted
  • 11-Sep-2017

Peer-to-peer money transfer

Abstract

Peers Exchange is an international peer-to-peer currency exchange and payment platform. Our users, called PEEXers, are paired up strategically to help them avoid expensive fees from banks and other institutions like Western Union or Money Gram. With 35 billion remittance transfers every year, the 30 million African migrants worldwide lose a total of $2 billion just to support their families back home.

We primarily work in Africa, sanages to offer its services so cheaply by matching up payments with those going the opposite direction using mobile application currently and mobile money technology very soon. So “your” money never actually leaves the country — — it’s rerouted to someone who’s being sent a similar amount by someone overseas. Your foreign recipient, meanwhile, receives their funds from someone trying to send money out of their own country.

PEEX innovation is that its customers deal with their peers in a trusted social network. These verification measures work the same way Airbnb and Uber verify users, hosts, and guests.

Video

Original YouTube URL: Open

Introduction Video

Additional Questions

Who is your customer?

1-5 million migrant workers in the EEC and US sending money back to families in African countries (11,000 thereof are high income workers) 2-500,000 middle class workers in Africa purchasing good internationally 3- 21,000 students in the EEC and US receiving financial support from families in the Africa and their parents - 400,000 sized medium entreprises in selected 18 African countries doing business internationally

What problem does this idea/product solve or what market need does it serve?

Moving money from or to Africa costs money. And when you add in the further complication of changing it from one currency to another, then it’s easy for the costs to get out of hand. OMoney transfer operators and banks have high transfer charges, typically amounting to 10% for internation transfers and 20% for intra-regional ones. In order to avoid costly transfer fees that are common in most African countries, Peex makes it possible for a user in country A who wants to transfer money to country B, to match with a user in country B who wantsto transfer money to country A: this way no currency exchange fees occur and money can be transferred among peers within the same country.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

- We are using blockchain technology to make the operation more secure - Ou clients will be able to transfer money at virtually no cost - Using mobile money technology they could send and receive from home or office

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Affiliate partnerships will allow for a speedy market entry first in Cameroon, Europe and USA.