Blockchain startup UniPass Wallet offers cross-border payments solution for freelancers

MANILA, Philippines – Real world use cases for blockchain technology go far beyond cryptocurrency and non-fungible tokens (NFTs). Characterized by transparency and immutability, the shared digital ledger continues to be a disruptive force in key sectors of the economy.

One such sector is finance, where blockchain’s decentralized nature has enabled it to transform how transactions are conducted, eliminating bureaucratic red tape and streamlining some processes associated with traditional banks. Of the many promises of the technology, its potential for financial inclusivity is perhaps what would prove to be most beneficial for Filipinos.

UniPass Wallet, a blockchain startup which launched locally in October, wants to fulfill that potential by providing an accessible and affordable payments solution to groups that need them the most, such as freelancers and small business owners. This self-custodial smart contract wallet allows users to make cross-border remittances – sending money to family and friends in other countries, in other words – conveniently and efficiently using crypto.

“We firmly believe in the unrestricted and seamless flow of assets, empowering individuals and institutions to transcend boundaries effortlessly,” said Lixin Liu, CEO of Account Labs, the Singapore-based firm behind UniPass Wallet.

Liu emphasizes that his goal with UniPass Wallet is to put control of assets back to users and away from banks and platforms. Such models are currently gaining traction in the crypto space as it looks to regain public trust after the high-profile demise of FTX last year.

UniPass Wallet, however, as mentioned previously, is a crypto wallet, not an exchange.

The app is built on the idea of making it easier and more convenient to receive, store, and send digital assets with little to no prior knowledge of crypto. Users need only their Google or Apple accounts to set up and log into their wallets, saving them from having to remember complex 12-word seed phrases. They also won’t need any identification cards or official documents to sign up. Liu said this is particularly important as it can be difficult obtaining official identification cards in the Philippines.

It also features an intuitive and user-friendly interface, making it quicker for users to do what they need to do with their assets. They can, for example, reload their wallets through their Mastercard or Visa cards, or through services like GCash or Maya. They can also send stablecoins to other wallets, without having to move assets across different exchanges. The startup has partnered with a licensed local vendor to convert crypto into fiat, which can then be transferred to the user’s GCash wallet.

UniPass provides users three free transactions each day, with succeeding transactions costing as low as $0.01. And because the app runs on blockchain, specifically Polygon, users won’t be charged any extra fees from intermediaries.

Liu said the low transaction fees is one of the biggest advantages of using UniPass over other money transfer and remittance services. He further said the fees on UniPass Wallet, which account for network and foreign exchange fees, amount to only about 1%, whereas PayPal’s, for example, can reach 8-10%.

Transfers on UniPass are also fully settled within minutes, if not seconds. Some transfer and remittance services, in comparison, have holding periods, preventing users from accessing their money immediately.

Liu said the low fees and the speed of transactions helps users maximize their earnings and cash out as soon as they need to spend on their priorities. While adoption for digital payments solutions grew in the Philippines during the pandemic, challenges to widespread digital financial inclusion continue to persist, he noted. UniPass looked to solve those challenges by putting itself as a cheaper and faster alternative to existing offline and online remittance services.

“Our goal is to help improve the lives of many hardworking Filipinos, especially in managing their finances and global remittances, through the best ways we can,” said Liu.

UniPass is targeting freelancers in the Philippines first as they’re the ones who get paid through money transfer and remittance services, while also being digitally savvy enough to engage with cryptocurrency.

The startup hopes to onboard about 20,000 users in the country in its first six months. After which, it’ll continue to expand its target users, with Liu saying the ultimate goal is for the app to become an everyday payments solution that can be used to, for instance, buy a cup of coffee. – Rappler.com