KWIT - mobile payment wallet
Hello Polkadot community!
This is a proposal from Electrocoin team to discuss our new idea regarding mobile payment wallet.
Hope you’ll find it interesting and worth your attention.
Basic info
Point of contact: Nikola Škorić
email: nikola@electrocoin.eu
telegram: @nikolaskoric
Duration: 18 months
Requested amount: 334,000 USDT
Next, you can read our executive summary, while the complete proposal explained in detail will be at the end of the post.
Executive summary
Opportunity
Payment wallets are one of the fastest growing industries within the fintech ecosystem. The global mobile wallet market was valued at USD 7.42 billion in 2022 and is expected to grow at a compound annual growth rate of 28.3% from 2023 to 2030.
Problem statement
Most mobile payment wallets currently penetrating the market are based on the tradfi infrastructure: electronic money institution (EMI) licence + deep integration with VISA/MasterCard networks. This makes entering the market complex, expensive and time-consuming.
Proposed solution
Instead of building a wallet by acquiring an EMI licence and integrating with tradfi payment systems, we use existing crypto building blocks, including stablecoins, a crypto payment processor, and fiat on/off ramps. By connecting these building blocks, a brand-new mobile payment wallet can be shipped in a very short time.
Competitors
We are currently aware of only three projects doing this: airtm.com and Decaf in the US, littio.co in LatAm and stables.money in Australia. Each of them has its drawbacks, and only Airtm and Decaf have fiat on/off ramp capability in the EU. None of them operate in the Polkadot ecosystem.
Electrocoin’s solution
Electrocoin is a crypto/fiat on/off ramp from Zagreb, Croatia. We have existed for over 10 years, with a team of 30 people, and this year we processed €60M. We have the building blocks available:
- mobile crypto wallet app - in development, currently seeking a grant
- an EUR stablecoin with EMI licence - currently 3 existing: EURC, EUROe and EURe
- crypto/bank on/off ramp - our own Electrocoin Trade (https://electrocoin.eu/en) with 40,000 users
- crypto/cash on/off ramp - our partner network (https://electrocoin.eu/en/cash-locations)
- crypto payment processor - our own PayCek (https://paycek.io) with 3,500 locations
- physical card - currently integrating with HolyHeld’s onchain debit card (MasterCard)
Key features
- Instant Onboarding: Users can send and receive funds before completing KYC, streamlining the user experience.
- Seamless Payments: Users can make payments at over 3,500 points of sale, as well as peer-to-peer transactions, with minimal fees.
- Fiat and Cash Connectivity: KWIT integrates with Electrocoin's existing infrastructure, providing easy bank transfers, card top-ups, and cash withdrawals.
Product launch strategy
Electrocoin has existing relationships with all the biggest mobile payment wallet user bases in Croatia: shops (retail chains, web shops), cash locations (kiosks, petrol stations), gambling industry (casinos, bookmakers). From day one, wallet can be used on more than 3,500 points of sale to buy virtually anything in Croatia. Electrocoin on its own has 40,000 existing brokerage users and 500 merchants with 3,500 locations.
Benefits for Polkadot ecosystem
- Real-world Adoption: KWIT will drive the use of Polkadot for everyday payments, increasing transaction volume and network activity.
- Technological Showcase: KWIT demonstrates the power and versatility of the Polkadot blockchain for real-world applications.
- EUR Stablecoin Integration: KWIT will facilitate the introduction of a compliant EUR stablecoin to the Polkadot ecosystem.
- Brand Awareness: KWIT's marketing campaign will highlight its "powered by Polkadot" status, increasing visibility and recognition.
We encourage you to check our full grant proposal content with in detail described examples and explanations.
Thank you for reading. We look forward to your feedback and are open to answer all your questions.
Comments (8)
Requested
Proposal Failed
Could you please sum-up the main info at the beginning of the description please ?
Point of contact
Duration
Requested amount
It's a bit annoying to look for these basic info.
Thx in advance for all the people reading your proposal.
Dear @SuperDupont,
thank you for your feedback! We have put requested information at the top of our proposal.
The deliverables from your previous proposal, submitted around 10 months ago for 200K, have yet to be delivered.
https://polkadot.polkassembly.io/referenda/493
Before seeking additional funding, I believe it’s crucial that you first demonstrate to the community that you can successfully deliver on your promises. Once those deliverables are met, you’re more than welcome to submit a new proposal.
For now, however, it’s a No until the commitments from the previous proposal are fulfilled.
Dear @MarioSchraepen ,
thank you for your feedback! Our previous project is currently in development, and we are gradually delivering on our roadmap. You can take a look at our progress report here: https://polkadot.polkassembly.io/referenda/493?tab=evaluation
As we have stated in the progress report, we have delivered on some of the milestones, and are currently working on the rest. The most important milestone we have delivered is integrating a global on/off ramp (Mercuryo) so we can test the service thoroughly on real users (albeit with non-competitive fees) and showcase the product. Our strategy is partnering with smaller, local on/off ramps who have interest in funding the marketing drive for LiteSend, unlike global on/off ramps which are not prepared to match the marketing budget we received from the Polkadot community. This strategy requires us to have a functioning product, so integrating a global on/off ramp has been a very important milestone for us.
The integration process was quite painful and required a lot of back and forth with the ramp service, as we have documented in the progress report. This milestone has allowed us to showcase the service to several other potential local on/off ramps, and we are now working with several of them (all of them listed in the progress report), most importantly ACX from Bosnia and Herzegovina, with whom we have progressed the furthest and got an understanding on sharing of marketing costs for the launch of the service in this country. This means that funds we got from the Polkadot community for launching the service will be matched by our partner in B&H, doubling the effect of the Polkadot grant we received.
In conclusion, we have delivered a substantial part of the development roadmap and will keep on delivering step by step according to our roadmap. We feel what we have delivered so far shows our commitment to fully deliver on all of our milestones. We hope that this clarification will encourage you to rethink your vote, but either way we are thankful for your vote and your comment.
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