Vaduz, Liechtenstein May 28, 2020 (Issuewire.com) - I. Introduction
BitMinutes is Literally Changing How the World Spends Time
Introducing the world's first encrypted token available to approximately 4 billion prepaid mobile phones in 130 countries and bank accounts in 70 countries. BitMinutes tokens are exchangeable into prepaid time and can be used as a digital value for transfers, payments and microloans, creating an ‘ecosystem’ for the underbanked. BitMinutes are changing how the world spends time.
Redefining "Time as Money"
BitMinutes solves major hurdles in providing financial services to the underbanked. Our protocols and technology add liquidity to the major global asset class of prepaid minutes, provide for ‘free’ value transfers, create efficient and low-cost payments platforms, and establish credit histories making credit available for the global underbanked.
Much like Bakkt’s approach to monetization of loyalty and rewards, BitMinutes does the same by monetizing universal prepaid minutes for 4 billion people globally.
Our proprietary smart token technology powers our many service offerings and gives them unique advantages over other digital assets and value transfer mechanisms. Additionally, BitMinutes creates Trusted Agent Networks of banks, retailers, and individuals to create a presence and easy use in BitMinutes JV countries, bringing employment and financial inclusion into regions of the world that need them most.
II. Technology
Overview
Highly-Secure & Real-time Solutions
BitMinutes as a technology harnesses digital ledger technology (DLT) and the decentralized power of both the Ripple and Ethereum blockchains by leveraging the digital ledger behind user data for extending credit, transferring value, making purchases and using airtime.
The underlying BitMinutes protocol permits access to free value transfers, payments, lending and prepaid airtime capabilities across global third-party retail agent, mobile wallet and banking systems. Our technology and intellectual property provide a highly secure, real-time solution to deliver value transfers and remittances.
Advantages
Banking On The Block
BitMinutes are a unique solution to address the special needs of the underbanked by combining tokenization technology and prepaid phone minutes (or “airtime”). BitMinutes are a global standard compatible with every major mobile phone carrier whose prepaid phone minutes are routinely transferred and traded between users within a single carrier. BitMinutes creates global interoperability between those carriers.
Much like Bakkt’s approach to monetization of loyalty and rewards, BitMinutes does the same by monetizing universal prepaid minutes for 4 billion people globally.
BitMinutes, as prepaid minutes, can be instantly converted to the ERC20 Token Standard, based on the Ethereum platform. These BitMinute utility tokens (BMT, or BMTs plural) combine blockchain and smart contract technologies into an architecture that, through third-party applications, offers guaranteed lending, free global value transfer and prepaid airtime top-ups. As an encrypted token exchangeable into prepaid minutes, BMTs can be used today by users of approximately 4 billion prepaid mobile phones in 130 countries and bank accounts in 70 countries. BMTs enables frictionless movement of money and minutes across global financial networks, mobile network carriers and emerging blockchains.
Smart Token Technology
BitMinutes are based on proprietary Smart Token technology designed to operate over traditional (SWIFT, Mastercard), DLT, and blockchain networks (Ethereum, Ripple). The BMTs issued to senders are customized with the sender’s unique identifier (UID) to prevent fraud and money laundering. Unique BMTs are issued and sent to the recipient’s mobile wallet in a text message, email and/or via a smartphone app.
BMTs provide auditability and government monitoring. BitMinutes, when used in lending, transferred into cash or leveraged for prepaid airtime, meet and/or exceed international payment security and AML standards. Smart Tokens accomplish KYC requirements through an ISO 20022 standardized format of retrieving and storing identity information of financial transaction participants.
Based on ISO standards, BMTs have additional data fields to add biometric information and smart contract business logic. This allows BMT usage to be restricted based upon any number of variables, for example: country of redemption, the recipient’s carrier and/or the mWallet configuration.
Roadmap
Global Partnerships
We are aggressively collaborating with domestic market partners to leverage the BitMinutes platform as a critical infrastructure for the provision of services to consumers and small businesses. Just a few of the products and services BitMinutes offers empowers partners across the globe to:
Provide mobile prepaid cellular phone top-up across domestic and global carriers Support value transfer including international remittance, domestic P2P transfers, point-of-sale (POS) purchasing, bill pay, corporate/government disbursements and collections offer micro-lending with BitMinutes secured as collateral for loans
At BitMinutes, we pride ourselves in aligning your business with the best service providers and technologies. An abbreviated list of our service partners:
Distribution Partners
Mastercard
www.HomeSend.com
Red De Efectivo
www.RedDeEfectivo.com
Equity Bank
www.EquityMoney.co.ke
eWay
www.Remit.vn
Bitso
www.Bitso.mx
III. Services
Overview
We Specialize in Global Financial Distribution & Execution
Through our technology offerings, we are capable of facilitating cross-border money transfers across the global money transfer network. BitMinutes can use Smart Token Technologies for settling foreign exchange transactions over the Ripple network. Under this model, transactions settle in real-time with an immutable copy of the entire transaction forever embedded on the Ripple network. Additionally, P2P Cash Technology, Inc. has operated over the past few years through a joint venture with the largest retail bank by a number of accounts in Africa, Equity Bank.
Money Transfer
Effortlessly Sending Money Globally
BitMinutes’ advantage lies in the ability to provide mobile-enabled international cash transfers, creating BitMinutes' and turning carriers from potential competitors into willing partners. BitMinutes targets national distribution chains and large wireless carriers directly and via their existing trusted financial services providers. This strategy allows ubiquitous compatibility and the widespread offering BitMinutes services. A single clearinghouse partner relationship already reaches over 1.2 billion consumers.
Free Money Transfer
Effortlessly send money abroad to countries and pay zero in fees for standard transactions. All patrons need is a bank account and either a computer or cell phone. Simple! Secure! Speedy!
FREE & EASY Never a transaction fee. Shopping the competition will reveal that recipients almost always get more money with BitMinutes.FAST & RELIABLE Our extensive global network guarantees that transactions are lightning-fast and reliable, no matter when you need to send money.SAFE & SECURE Every transaction is performed over the most secure and efficient platforms found in the world.
P2P Cash Technology, Inc. is the operator of the money transfer platform using BMTs as the underlying value transfer technology. The Send Cash Home Free! The program will be promoted via a digital marketing campaign. Funding is only accepted directly through the BitMinutes App or online from consumers with a bank account in the U.S., eliminating significant costs of brick and mortar operations. Revenue is generated only from the currency exchange rate only and transaction fees are only charged under exceptional circumstances, i.e. for US dollar transfers to El Salvador, which uses US dollars as their currency. Net revenue by way of FX margin averages from 0.5% to 1% of the amount transferred after distribution/partner costs. Via integration with Mastercard’s global distribution network, BMT can be directly deposited into 1.2+ billion mWallets and bank accounts.
Trusted Agents
A "Branchless Banking" Network
A Trusted Agent Network (TAN) brings affordable, secure, mobile phone-based financial services to communities that lack traditional banking services. TAN Agents become the financial center of their community as local agents sharing financial services. There are three types of TAN Agents who use the BitMinutes mobile DLT/blockchain technology to share financial services with customers, friends and family who can also join the network.
- Retailers with a Physical Location: This allows the corner store to become the corner banker.
- Independent Agents: For entrepreneurs that are not tied to a retailer or physical store, the opportunity to become a “Branchless Banker.”
- Publishers: For publishers with a significant digital footprint, there is an opportunity to participate in revenue sharing as a TAN Publisher.
To assist in BMTs distribution, BitMinutes has created TAN and associated mobile applications for both consumers and agents. TAN creates a business opportunity for the two billion underbanked individuals to become what the World Bank describes as a “Branchless Banking” network of trusted agents. A TAN network can provide substantial job creation opportunities and easy access to financial services, replicable on a global basis.
Financial Inclusion
A Global Gateway to Full Financial Inclusion
BitMinutes recognizes the need for first and second-generation financial products among underserved populations in Africa, South America, and Asia. Through proprietary technologies, BitMinutes has been able to create innovative transactional and payment platforms (first gen) and has most recently focused on solutions for deeper financial inclusion (second-gen) such as savings, credit, and loans.
Our financial inclusion strategies are mirrored by companies such as Bakkt who's monetizing loyalty and rewards based assets. BitMinutes does the same by monetizing universal prepaid minutes for 4 billion people globally, in essence creating a "minutes economy" among the financially excluded.
Real World Applications
BitMinutes: The Bridge To Financial Inclusion
Several third-party applications are in the process of using BitMinutes as follows:
BitMinutes are currently integrated with partners for value convertibility to a series of global disbursements networks including Mastercard. This permits BMTs to be converted to cash by third-party exchanges and directly deposited into bank accounts and mWallets, as well as cashed out via the Trusted Agent Network (TAN).
BitMinutes can be leveraged as collateral for loans, increasing the spending power and amount of working capital available for borrowers.
The payments and usage history become big data and will be utilized by a BitMinutes AI engine to calculate a proprietary “TAN Credit Score” algorithm for use in micro-lending.
Selling and lending BMT-based microloans create a business opportunity for entrepreneurs globally; turning the corner retailer into the corner banker and delivering banking services to the smallest of villages worldwide.
IV. Company
We Are BitMinutes
We were born out of the global reality that developing economies are underserved and lack the infrastructure required to drive growth. Traditional financial services do not possess the reach to individuals and small businesses within these economies, so access to capital is expensive or impossible to get, payment models are sub-optimal, and there’s no ability for the peoples locked in these regions to meaningfully save or store value for stability. Through truly innovative use of emergent technologies, a savvy in FinTech, and our key global alliances, BitMinutes is on the cusp of triggering a financial revolution in pockets of the world that need it most.
Our Story
The journey began in 2012 when our team of Harvard and Stanford graduates came together to launch the P2P Cash Incubator to develop global Financial Technology applications. Our primary goal is to improve the financial well-being of the 2 billion under-banked people in the world through the use of blockchain.
We invented BitMinutes (BMTs), a new digital token based on International (ISO) Banking Standards to not only provide secure liquidity for P2P lenders but also democratize P2P lending at denominations as small as $10. Their inter-changeability between prepaid minutes and cash collateralizes even the smallest P2P loan.
Whereas many early-stage startup endeavors can be risky since they typically raise capital for incomplete projects that do not address a proven consumer market. BitMinutes are in continuous production, targeting the combined global remittance and mobile prepaid industries market valued at $1.2 trillion. Today we have a global distribution in place with the ability to reach over 4 billion mobile phones and over 1.2 billion bank and mobile wallet accounts. BitMinutes use builds both consumer credit and acts as a collateral for lending.
V. Resources
ON SOCIAL
VI. Review
Already finished ICO project, but I found this.
I am concerned about the BOP population. Also, I have a strong interest in developing financial infrastructure for people without bank accounts. I think that microcredit without malice is one of the reasons for the existence of the blockchain. This is really necessary.
Its idea of using blockchain to connect the mainstream, which is a parallel, more equalized banking system, is somewhat far-fetched and very interesting. However, it’s also very difficult to put in practice.
The system is complex, and it needs a lot of people to make it effectively - otherwise, users will have no retailer to accept a card or lend them the money they need.
Pros
-Introducing a centralized system to a decentralized way of spending.
-Regular banking uses USA bank accounts as a way to connect to a decentralized banking platform. This is a wonderful way of social integration and introduction to cryptocurrency.
-BMT offers users an easy way to spend quickly and easily anywhere in the world.
-The website is very well presented and easy to navigate. Each of the team members has their own page with history.
-Coin supply is very suitable for the application.
-People from all around the world would be able to connect directly to one another.
Cons
-The more detailed roadmap is great for new investors.
-It is still a very new project so I think it will take more time to show something interesting.
-You can only get cash directly from another user in exchange for a digital transaction.
Created By: Jeff Nick
Media Contact
Bitminutes support@bitminutes.com +1 (844) 727-7368 support@bitminutes.com http://bitminutes.com/
