UniPass Wallet, a blockchain startup that entered the Philippines market in October, is aiming to leverage blockchain technology to provide accessible and affordable payment solutions, particularly for freelancers and small business owners. The self-custodial smart contract wallet allows users to make cross-border remittances efficiently using cryptocurrency, eliminating the need for traditional banks. UniPass Wallet focuses on user control and simplicity, with an intuitive interface that enables users to receive, store, and send digital assets without requiring extensive crypto knowledge. The startup aims to address challenges in digital financial inclusion by offering a cheaper and faster alternative to existing remittance services in the Philippines.
Key Points:
Background:
Blockchain Technology Beyond Cryptocurrency: UniPass Wallet emphasizes the real-world applications of blockchain technology, highlighting its potential beyond cryptocurrencies and NFTs. The transparency and immutability of the shared digital ledger are noted as disruptive forces across various economic sectors.
Financial Inclusivity: UniPass Wallet’s goal is to enhance financial inclusivity in the Philippines, particularly for freelancers and small business owners. The startup aims to provide an accessible and affordable payment solution that leverages blockchain’s decentralized nature.
UniPass Wallet Features:
Self-Custodial Smart Contract Wallet: UniPass Wallet is designed as a self-custodial smart contract wallet, allowing users to have control over their assets without relying on traditional banks.
Cross-Border Remittances: The wallet facilitates cross-border remittances, enabling users to send money to family and friends in other countries using cryptocurrency.
User-Friendly Interface: UniPass Wallet features an intuitive and user-friendly interface, making it easy for users to receive, store, and send digital assets with minimal prior knowledge of crypto.
Simplified Onboarding: Users can set up and log into their wallets using their Google or Apple accounts, eliminating the need for complex 12-word seed phrases. No official identification cards or documents are required for sign-up.
Reload Options: Users can reload their wallets through Mastercard or Visa cards, as well as through services like GCash or Maya.
Low Transaction Fees: UniPass provides users with three free transactions per day, with subsequent transactions costing as low as $0.01. The transaction fees, accounting for network and foreign exchange fees, are around 1%, significantly lower than some traditional services like PayPal.
Quick Settlement: Transactions on UniPass are fully settled within minutes or seconds, offering users faster access to their funds compared to some other transfer and remittance services.
Challenges in Digital Financial Inclusion:
Digital Payment Adoption: While digital payment solutions saw increased adoption in the Philippines during the pandemic, challenges to widespread digital financial inclusion persist.
UniPass Solution: UniPass aims to address these challenges by positioning itself as a cost-effective and swift alternative to existing offline and online remittance services.
Target Users and Expansion Plans:
Initial Focus on Freelancers: UniPass Wallet is initially targeting freelancers in the Philippines who often rely on money transfer and remittance services. Freelancers are digitally savvy and can benefit from the efficiency of cryptocurrency transactions.
Onboarding Goals: The startup aims to onboard approximately 20,000 users in the country within its first six months.
Long-Term Vision: UniPass Wallet’s long-term vision includes expanding its user base and becoming an everyday payments solution that can be used for various transactions, such as purchasing a cup of coffee.
Comparison with Traditional Services:
Cost Advantage: UniPass emphasizes its low transaction fees, which amount to around 1%, as a significant advantage over traditional services like PayPal, which may charge fees in the range of 8-10%.
Speed of Transactions: UniPass transactions are fully settled within minutes or seconds, offering users quicker access to their funds compared to some other remittance services with holding periods.
Conclusion:
UniPass Wallet aims to contribute to the improvement of the financial lives of Filipinos, especially those engaged in global remittances and managing their finances. The startup’s focus on affordability, accessibility, and speed sets it apart as a blockchain-based solution addressing real-world financial challenges. UniPass Wallet’s entry into the Philippines market signifies a move towards leveraging blockchain technology for inclusive financial solutions. By targeting freelancers and providing a user-friendly experience, the startup aims to make cryptocurrency transactions more accessible and affordable. UniPass Wallet’s emphasis on cost advantages and quick settlements positions it as a competitive alternative to traditional remittance services. The success of its onboarding goals and long-term vision will likely depend on user adoption and the ability to address challenges in digital financial inclusion.