Stellar Community Fund

By Pretium Finance

Pretium Finance

SCF #26

$10.0K

Legacy v5.0 Activation Award

Awarded

Revolutionizing African cross-border payments and integrating cryptocurrencies into the economic value chain.

Products & Services

Pretium Finance is a cryptocurrency-driven payment platform that empowers individuals and businesses to accept cross-border payments across Africa. Additionally, it enables crypto holders to pay for utility services and settle their related bills using cryptocurrencies. Currently operating in 6 African countries, we help merchants engaging in international trade and individuals who send remittances to family and friends with a cost-effective and instant payment alternative.

Africans contend with high transaction fees, delayed payments, and accessibility issues associated with existing payment systems. Businesses and individuals pay up to 15% of transaction fees of transaction value and sometimes have to wait up to 3 days when sending money home or making cross-border payments.

How does it work?

Businesses / Merchants: For merchants to accept cross-border payments, they create a unique paylink that specifies the amount to be paid. These links are shared with the intended payer using communication channels such as emails or WhatsApp. Once the recipient clicks on the paylink, it directs them to the interface to make payment with a blockchain network of their choice and address to send stablecoins. Once a transaction is complete, the amount equivalent to stablecoins paid is deposited into the paylink creator's fiat wallet for withdrawal into mobile money or banks.

Individuals / P2P remittances: To make payments, users deposit fiat from their mobile money or banks. Using an account number to credit payments, the amount paid is on-ramped into stablecoins and the equivalent value is credited into the specified account number wallet for withdrawal. Alternatively, users have the option of using a default paylink associated with their account. In this case, payers can utilize the paylink to deposit stablecoins, and the equivalent value will be credited to the paylink wallet.

Utility payments and bill settlements: Users use their assets held in their wallet to pay for utility services or settle bills such as electricity, mobile airtime or data, TV subscription, etc.