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    Date submitted
  • 17-Nov-2017

POKET

Abstract

Currently, there is no solution that lets users send real cash between any two phone numbers in the world. Over 1 trillion dollars will be sent globally this year, mostly by immigrants supporting their families back home. The fees are exorbitantly high and the wait time to receive money can run into days and weeks. Poket will fix this by creating the world's first digital cash money transfer network, powered by cryptocurrency. Sending money will be just like sending a text message. By leveraging users’ local communities and “human-ATMs”, Poket will be the Uber of money-transfer. Poket is eradicating banks and Western Union by enabling international money transfers that are free, instant and safe using the power of the blockchain. This solution is about to change the world for over 2 billion unbanked people in a way that they could never have imagined.

Additional Questions

Who is your customer?

1) The Unbanked 2) Immigrants/Remitance-Senders 3) Cryptocurrency Enthusiasts in Emerging Nations

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

Problem: This year, $700 Billion of remittances were transferred globally. With these transfers, there are three key-pain points that exist today, each with its own customer persona. 1) High Fees: The majority of these remittances were sent through traditional money-transfer services, like Western Union, which are slow and charge 7-10% on average. A great example of a user who faces this painpoint is a Brazilian immigrant in Canada who frequently sends money to support his/her back home. This user feels the pain of watching 10% of their hard-earned money go to the Western Unions of the world. 2) Poor Accessibility: For the 2 billion people that are unbanked today, these services are also inaccessible because they either live too far away or lack proper documentation to send and receive money or open a bank account. An example of a customer who faces this painpoint is a rural Nigerian farmer who has no ID or bank account, but wants a simple mobile wallet to send and receive money with a merchant or customer in a nearby market 3) Low Cryptocurrency Adoption: In addition to the fiat currency transferred, there is a also a massive cryptocurrency market of value exchanged every day. There are many emerging economies who would benefit greatly through the adoption of cryptocurrency, however they do not have a stable or accessible cryptocurrency exchange through which to participate in this new and exciting market. An example of this customer is a university student in Pakistan who wants to buy bitcoin, but does not have access to an exchange because it does not exist.

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

1. Cryptocurrency: By displaying fiat and using cryptocurrency under the hood, Poket makes transfers instant, and enables users to convert between currencies with one click. 2. No Transfer Fees: Using cryptocurrency to power the backend enables us to charge 0% for transferring money. 3. No Banks: By entirely removing the need for banks, Poket eliminates the distance barrier the unbanked face in accessing financial services. 4. No Minimum Deposits: Poket will not require users to have a minimum deposit amount to join the service.

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?

While many companies are starting to leveraging blockchain technology for transferring money internationally, we are focusing on a specialized area with this disruptive technology: emerging nations with low smartphone/internet penetration with a high number of unbanked users people. By using cryptocurrencies on the blockchain to power transfers, we are circumventing the SWIFT transfer protocol which allows is to charge $0 for international money transfer.