Stellar Community Fund

By SendIN

SendIN

SCF #29

$37.5K

Legacy v5.0 Activation Award

Awarded

US to India money transfers made easy, cheap & lightning fast.

Products & Services

SendIN is a payments platform built on Stellar, designed to enhance the process of sending money from the US to India. We make US to India money transfers easy, cheap, and lightning fast. We offer a complete Web2 UX that ensures a seamless and user-friendly experience for Web2 users.

Features:

SendIN Wallet: Each user is provided with a custodial SendIN wallet to deposit funds. Built on the Stellar network, this wallet ensures fast, secure, and efficient transactions.

KYC & Account Management: Users can easily manage their account, track pending transfers, and see transaction history. The KYC service will be facilitated according to the SEP-0012 standard and would be compliant with general KYC & AML standards.

Send Money from US: Users can effortlessly send money from the US to any registered user on the platform using just their email.

Receive Money in India: Users in India can receive money directly into their linked bank accounts if their KYC is authenticated. Our infrastructure guarantees that funds will be received in the bank account within 15 minutes of being sent.

Web2 Friendly UI/UX: Our application is designed to onboard web2 users seamlessly, providing a no/low web3 interface. Users won't need to manage their keys, convert crypto, or interact directly with the blockchain. All processes are automated and handled in the backend, ensuring a smooth and user-friendly experience.

The Problem:

High fees & hidden costs: Traditional money transfers often charge high transaction fees, have hidden markup charges, and offer unfavorable exchange rates.

Slow payment processing: On average, most remittance services take at least a day. There are also often delays caused by individual stakeholders like banks making the process inefficient.

The Market: The remittance market, particularly for transfers from the US to India, represents a significant and exponentially growing sector. India is the world's largest recipient of remittances, receiving over $125 billion in 2023 alone. These are our 2 main user segments: 1. Large Expatriate Population: The Indian expatriate community in the US is substantial and continuously growing, creating a steady demand for reliable and affordable remittance services. 2. Freelancers and Merchants: There is a growing segment of freelancers and merchants who require efficient and fast payment solutions for cross-border transactions.

There was a survey conducted by zero-hash and light payment which revealed significant frustration with traditional payment systems. Here are the challenges freelancers face with traditional payments:

Speed: 48% experience delays in getting paid. 75% want payments within 24 hours; 45% desire real-time payments.

Costs: 49% find fees high and impacting their earnings. 18% say fees significantly affect their income.

Stellar Integration: SendIN is built on the Stellar network to leverage its advantages of low transaction fees and almost instant settlement times. This integration ensures that our users benefit from fast, secure, and cost-effective transactions, making SendIN a highly efficient remittance platform. Here’s how we are utilizing Stellar's core features:

Stellar Anchors: - Kado: In the US, we will use Kado as our on-ramp service to convert fiat currency to USDC on the Stellar network. Kado is a Stellar anchor that adheres to SEP-0006 (deposit and withdrawal operations) and SEP-0024 (interactive deposits and withdrawals). - Onramp.money: In India, we will utilize Onramp.money to off-ramp USDC into INR, directly transferring the funds to users’ Indian bank accounts. Onramp.money ensures that the conversion and transfer process is smooth and compliant with local regulations.

SDK / Soroban Integration: Our proof-of-concept (POC) currently uses the Stellar-JS SDK for transaction handling and network interactions. We plan to transition to using Soroban smart contracts for automating and securing our transactions. By utilizing Soroban, we can reduce the risk of errors and fraud and will also automate transactions.

SEP-0012 Standard: Our KYC service will adhere to the SEP-0012 standard, which outlines the requirements for KYC data exchange. We will use the KYC API provided by Stellar. This ensures that our platform is compliant with global KYC and AML (Anti-Money Laundering) regulations.

Requested Budget

$37.5K

Team

Arsalaan Alam - CEO

Fullstack blockchain developer with 3 years of experience working in Non EVM chains
PBA (polkadot blockchain academy) graduate. 2 years of experience with Rust
Competitive Hackathonist: Won over 20 international hackathons
Was introduced to Stellar by Esteban (founder of Palta Labs) at PBA
Github: https://github.com/Arsalaan-Alam
Linkedin: https://www.linkedin.com/in/arsalaan-alam-375b281bb/
Twitter: https://x.com/arsalaanalam2

Antariksh Verma - Core Team & Fullstack dev

Fullstack dev with over 4+ years of experience in writing smart-contracts.
Worked as a software dev at 2 early stage web3 startups. One startup raised millions.
10x Hackathon winner
Received grants from Solana & Cudos to build dev-tools.
Github: https://github.com/yummyweb
Linkedin: https://www.linkedin.com/in/antarikshverma/
Twitter: https://x.com/arsalaanalam2