Stellar Community Fund

By KometPay

KometPay

SCF #18

$136.3K

Legacy v4.0 Award

Awarded

The app that helps Latino migrants to better deliver financial support to their families back home by sending money and vouchers.

Products & Services

Through our effort and perseverance, combined with the incredible support of SCF, KometPay is now poised to disrupt the cross-border payments for migrants between the USA, Canada, and Colombia. We are currently running a closed beta with a few users and iterating their feedback on the basic flow of the application, making sure that all these key processes work as we envision them. As this process goes by, we look to onboard new customers and start testing our market and user assumptions on a larger scale.

The main product we are now testing, and that will soon launch publicly, is a money transfer service. Senders indicate a payment method, the recipient from their contact list, and the amount they want to send. We take care of everything in the back end from tying their wallet to their bank account through Plaid, KYC, on-ramping USDC, and delivering them directly in the recipient wallet. On the receiving end, we create a custodial wallet for our users where they see reflected the amount of USDC received. At that point, they have two options: they can save the money in USDC or withdraw the total or partial amount to a local bank account.

In the near future, we want to expand the options for users mainly on the receiving side, granting ease in how they can spend their USDC. One option would be offering a Visa Debit card to spend the USDC directly. This will be crucial as we give them an immediate ease in spending their available balance. This feature has proven to be a main driver of user acquisition in the region. Additionally, by integrating with Moneygram, we can also foster access to a stablecoin-to-cash (and vice versa) feature, giving them absolute control and tangibility over their funds. With these three total options - saving or withdrawing to a bank account; debit cards; cash-to-stablecoin access - USDC will be extremely tangible for Latin Americans.

As we are on a quest to turn stablecoin adoption into the mainstream, we want to do so with as many local partners as we can. Moneygram is just the start, but think of enabling Stellar on- and off-ramp services in small shops and other places that make up part of users’ daily activities. This is how we envision our second main feature, the voucher system, to work and we have had - without even a concrete product to show yet on this end - extremely encouraging traction with local business chains.