Manila – Philippines Pearl Pay, a Financial Technology Company that helps Small Banks, Financial Institutions and MSMEs (Micro, Small and Medium Enterprises) through its secured mainstream and innovative banking services, has started on its bid to bring blockchain-based solutions closer to Filipinos by commencing a coin presale on July 10.
The Philippines processes around 2.5 billion of payments per month, amounting to $74 billion (Php 3.76 trillion). Surprisingly, more than 90% of these transactions remain paid in cash or checks. Add to that the 44% of Filipino adults transacting domestic remittance for half a year at a time.
Aside from the reliance on cash and checks, it also usually takes 21 minutes on the average for a Filipino to go to the nearest payment access point. This also requires around Php 43.00 (approximately USD 1.00) to get to these access points. With transaction costs at 11% on the average – higher than the global rate of 7.3% – Filipinos struggle to make both ends meet and to find a seamless but affordable payment and remittance solutions.
Pearl Pay is addressing this specific problem. The company aims to turn around the E-Money and cash transactions ratio, save time and money on sending domestic and OFW money remittances. By leading the financial inclusion initiative for the Filipinos, Pearl Pay aims to be at the frontline of addressing similar problems across the globe.
Pearl Pay’s presale will begin on July 10, 2018. Pearl Pay, in collaboration with Komodo Team, will conduct the decentralized coin sale via “atomic coin swap”. Through the Komodo system, common issues faced by traditional centralized ICO model can be addressed. The decentralized initial coin offering (dICO), solves existing issues and even adds new possibilities to the cryptocurrency market. For more information, please also see the white paper.
About Pearl Pay
Pearl Pay is a FinTech company providing world-class but affordable banking applications designed to interconnect Filipinos and payment industries in the Philippines. Its Virtual Money Logistics System (VMLS) provides a comprehensive “Mobile Payment and Money Transfer Platform as a Service” relevant and aptly designed for the needs of people for actual use and financial inclusion. The company continues to develop technologies and products based on blockchain to provide a holistic ecosystem that people across the globe can use to facilitate their financial needs.