CATEGORY: Social Impact, Open Category
NAME: Will | Brazel
APPLICANT TYPE: Company
From the outset, we set our mission to promote financial inclusion via low-cost services that save remitters time, money and worry, and to help under-banked users develop their own financial identity through our integrated product AirID.
AirPocket offers low cost international money transfers from the US to 14 countries predominantly situated in Latin America. These countries currently include Mexico, Argentina, Bolivia, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Haiti, Honduras, Nicaragua, Panama, Peru and the Philippines.
Users can fund their AirPocket account with a credit card, (prepaid or bank account) debit card, or by bank transfer. The user can then choose a recipient from their contacts list and send money across boarders in real time. Recipients can collect their money from over 30,000 cash out locations in the above destinations, as well as at large retailers and major banks, and can also deposit funds directly in to their bank accounts.
Additionally, AirPocket offers international airtime transfers to over 4 billion mobile phones on 400 networks globally. Offering an easy way to send value to friends and family in different geographies, it allows users to request and send mobile credits which can be used for data, calls or text messages, all over the world.
AirID allows users to develop a financial reputation by simply using the application. It does this by keeping a secure and immutable record of transaction history enabled by blockchain technology. Users have 24/7 tamperproof ownership of their data and activity, and can share their transaction history with financial institutions for things like credit due diligence, without jeopardizing privacy. The aim is for this information to be used as proof of financial responsibility in the future, so that a potential lender say, can make a credit assessment based on the user’s transaction history.
Over 2 billion people in the world are underbanked and lack financial identity – our aim is to bridge this gap by allowing remitters to create their own financial identity by doing things they do every week/month. The benefits of financial inclusion are vast and we believe it’s the most important hurdle to leap over from an economic development perspective.
SOLUTION IS LIVE? Yes