Stellar Community Fund

By Anclap

Stellar Prepaid Cards

SCF #17

$146.4K

Legacy v4.0 Award

Awarded

Connecting Stellar to real world payments by enabling/extending SEP-Compliant on-off ramp to physical ARS Prepaid Debit Cards

Products & Services

We want to scale our ability to provide Stellar based tokens prepaid cards in Argentina, and make them available to any third party platform user through the on-off ramp mechanism. Our service empowers Stellar based projects to offer their users an international plastic card, enabling seamless fund transfers between their Stellar accounts, facilitating purchases at any retail store, and providing real-time transaction history and card balance tracking. Problem: Limited Access to Traditional Financial Systems. Significant unbanked population. Solution: We provide people with access to a broader range of payments services and the ability to use their Stellar funds in real-world transactions, even if they have no bank account! Comments: Main Stellar FIAT Anchors focus on banking integration, which is great considering that banks are the primary providers of "traditional finance" services. However, it raises the question: What about the unbanked population? World Bank data reveals that approximately 50% of Argentina adult population lacks access to formal financial services or a bank account, driving retail transactions to heavily rely on cash. Problem: Complex Fund Movements and Transaction Tracking Solution: Our service simplifies the process of request, load, unload, track their transactions and balance in real-time by ensuring full compliance with SEP-6 and SEP-24, enabling seamless interaction with any anchor. This solution also implies modifications to the current SEPs versions due to the fact that SEPs doesn’t consider this use case in detail. Audience: Our service benefits any platform that integrates with Stellar and have or seek to have users in Argentina. It is particularly useful for those who face limited access to traditional financial systems, bank account, or those who prefer to avoid the banking system. However, and due to the dollar exchange rate restrictions here in Argentina, it is particularly beneficial for those who save or earn in dollars be able to spend at the real market exchange rate! How it works: The card is an internationally accepted prepaid credit card, affiliated with either VISA or Mastercard (to be determined; today is Mastercard), and denominated in Argentine Pesos. We have the capability to issue physical and virtual cards to any KYC’ed customer, and ship the card directly to the customer's designated address. When a customer requests a withdrawal, we initiate a process where we transfer the corresponding FIAT amount to our provider, thus topping up the specific card's balance. We support several tokens, including XLM, USDC, yUSDC, and Anclap’s ARS, which can be used to fund the card. We will enable the mechanism to request cards, get card transactions (payments) and get balance, but we need to work carefully to make the best standard proposal that ensures interoperability and compatibility.