PayA

Super fast cross-border payments for Moldova built on blockchain.

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PayA - Enabling the digital economy in Moldova

Challenge

Cross-border transfers between people are a cumbersome process which takes days, has high associated fees and are available only in business hours. Our team aims to change that radically.

PayA Solution

PayA aims to utilize the Stellar Blockchain which is specifically built to facilitate fast and cheap transactions in order to offer a peer-to-peer money transfer to Moldavian citizens all over the world. In the Stellar network, PayA will act as an anchor which connects the blockchain to the Moldavian banking system. Similarly, there are anchors for the EU, South American, North American, African and Asian regions. They will handle the on/off-ramping of funds in their specific region by being integrated with their particular banking systems. We offer our clients a web and mobile application which they will use to introduce their details, payment details and pass the KYC process in order to make the transaction.

What have we done so far

During the 3 days of the Hackaton, we have developed the front-end of our landing page and web application, as well as, preparing the roadmap for further implementation of the project. The bottlenecks that might hinder a fast implementation of the project are: technical, legal, and outreach related. We have tried to tackle all of them during the time allocated to us.

On the technical side, we have prepared the necessary protocols and coding to launch a stablecoin and have prepared the test environment to make transfers on the Stellar blockchain. In order to be able to make a transfer we need to integrate our system with a bank in Moldova and with an anchor from abroad. We have contacted the creators of the South American anchor for technical assistance and they have confirmed that it's fairly easy to become part of the Stellar anchor network.

On the legal side, we have outlined the necessary requirements in order to get a license and be able to do business in Moldova. Moreover, there is the precedent of companies having a digital currency license in Moldova which is encouraging.

The third obstacle on the way to success would be making the application popular on the mass-market. For this, we have analyzed and segmented the market we try to reach limiting ourselves from the start to the remittance market. Besides we have outlined who are our potential customers and their exact needs.

Besides these, we have researched the potential profitability of our company and its ability to survive on its own as a business, especially in the light of our competitors. It is clear from our research that we offer a different or superior product in comparison to our competitors.

The solution’s impact

According to survey made by CBS-AXA in March 2021 68% of respondents said that they have relatives living abroad. Moreover 34.3% of them confirm that they receive regularly money from them. From this information we can conclude that 23% or every 4th family in Moldova receives remittances from abroad. Moreover, there are students and others who live abroad and are helped by their relatives in Moldova. PayA has a real chance to drastically improve the lives of these people, who, already have to struggle by being abroad.

The necessities in order to continue the project

Our project has several requirements for a successful implementation.

  • The transactions will be done on the blockchain network which means that we have to create a stablecoin which will be pegged to the price of the Moldavian Leu and can be easily traded 1 to 1. The technical aspect of this we have already done, however, for deployment a certain amount of liquidity is necessary. This can be safely assured only by a bank.
  • The second prerequisite for success will be partnerships with Moldavian banks. The transaction cannot be completed if the money don't transfer from the blockchain to the banking network and ultimately to the recipient's account.

The value of your solution(s)

Our solution will help clients to save time money and be able to send money to any credit card of choice. Moreover, thanks to integration of the KYC and AML processes into the application they will also be able to receive the same benefits for the amount of money which are usually sent via a wired transfer which is notoriously cumbersome and expensive.

Frontend-Github: https://github.com/whoami1303/PayA/tree/master/paya

Backend-Github: https://github.com/fdsekki/PayA_backend

Video Pitch: https://www.youtube.com/watch?v=yAK4-3m7fxU

Pitch Deck = https://app.pitch.com/app/presentation/cfa650bd-39c9-47a2-af1e-3bdf42e56c11/b0fd51c5-c930-4242-a231-2dea3c991846

Website: https://paya.unicornplatform.page/

App: https://paya-aa.herokuapp.com/

Figma Prototype: https://www.figma.com/proto/oAGNc1kdicGF72QWgK0LiX/Paya?node-id=13%3A141&scaling=scale-down&page-id=0%3A1

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