Stellar Community Fund

By KometPay

KometPay

SCF #14

$35.0K

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

KometPay is a mobile app that helps Latino migrants support their families back home. Users can either choose to send USDC or redeemable vouchers. Recipients who receive USDC can either store them in their Komet wallet or transfer them to their bank accounts in their local currency. Those who receive a redeemable voucher can spend its value in the merchant. Our product addresses pain points for migrants in the US and recipients in Colombia.

In the US: Red tape: With KometPay, users can send money in three simple steps by simply selecting the recipient’s phone number. No need to include unnecessary banking details. Exchange rates: With KometPay, senders don't need to worry about the exchange rate: they can send dollars and the recipient will receive dollars. Allocation of resources: Another concern for senders is how the money is spent. Through KometPay, they will be able to select a merchant (pharmacy, supermarket) and send a voucher that will only be redeemable in the selected merchant.

In Colombia: Dollar account: Our USDC wallet and voucher credit protects Colombians from the volatility of the Colombian peso. They can choose to spend all or a partial amount. Access: Colombia remains a cash-based economy with a largely unbanked population. Our partnership network ensures that everyone, regardless of access to banking tools, can withdraw their Komet balance.

KometPay leverages Stellar at every step of our flow of funds: Through our integration with MoonPay, we ensure that the sending user can onramp USDC on Stellar. The USDC will be sent to a Komet wallet issued on the Stellar network, which will allow our Colombian users to store USDC or a USDC-backed voucher. When the Colombian user wants to off-ramp, either transferring to their local bank account, spending a voucher at a merchant or cashing out at a local partner, we will leverage Stellar's anchor network that will connect us to the dex and the local banking rails.