PeerPay

There are almost 1.7 billion people in the world without access to the financial system, especially to participate in the digital economy, leaving them excluded and without access to other financial opportunities, having to use physical money in the informal market (moving US$10 trillion annually in that market), especially to be able to send and receive remittances, purchase products/services, among others.

In addition, millions of micro and small businesses need to make cross-border transactions, but they are expensive (about US$100 for each transaction), slow (between 2 and 5 days), and sometimes with errors (the error rate is 4% on average).
Both need access to the digital economy and immediacy to move and use money.

PeerPay is an inclusive payment system, built on top of Blockchain technologies so that anyone can create, manage accounts, and send and receive money, among others, without complex requirements or the need to have a bank account to participate, allowing the exchange of all types of assets (fiat, crypto, and CBDC) immediately, at meager costs (dollar cents) and without custody (the user always owns their money).

PeerPay uses the best of Blockchain and Web technology, and the ease of use of Web 2.0 for non-technical users who need a solution, but don't know (and don't need to know) about Blockchain.

PeerPay's focus is unbanked people (initially starting from Latin America) who need to send and receive remittances (significant in several countries in the region) and are looking for a better option than expensive services like Western Union.

In addition, micro, small, and medium-sized companies need to accept payments (and send) in different assets at better rates and speed, especially transactions with small amounts that do not allow paying high transfer fees.

PeerPay will allow both groups, especially the unbanked, to be part of the global economy thanks to digital access and without complex requirements, trying to match payment opportunities with the rest of the people.

We have more than 13 years of experience in different technologies, we also come from poor families and we know the situation of non-banking, so we are working on something that we have experienced.

Additionally, as a team, we have had the opportunity to win a grant from the Interledger Foundation, win Ripple's Global CBDC hackathon, second place in Draper University's Fundamentals of Entrepreneurship program, and participate in the TDeFi incubator in collaboration with the Dubai Multi Commodities Center, which that has allowed us to acquire the missing experience to take PeerPay to the next level and be a real and massive product.

We have already done tests with different users (with non-real money) to validate the process, the functions, and the needs to continue working from the feedback and arrive at a real product.

For now, we work with 300 test users who help us validate the platform, spread over Chile, Argentina, and Colombia.

We believe that MIT Solve can help us in the next step, establishing the rules and regulations that we must comply with, and access to a contact network (both investors and advisors) to improve.

We use technologies such as Blockchain and others to meet our goals.

1. We allow people to decide which Blockchain (if they have knowledge) they want to use.
2. We allow the exchange of any type of currency thanks to the Interledger Protocol, regardless of the network.
3. We are also integrating CBDC technology, in order to help the distribution of social assistance by Central Banks and Governments.

Our long-term goal (10 years) is to reach one billion people, and in the medium term (5 years) 50 million people, in countries that depend on remittances and MSMEs that need to offer their products digitally and globally.

To do this, to achieve this, we are going to establish alliances with local startups in different countries (since they know more about the local reality) supported by entities such as the Interledger Foundation and XRPL Foundation.

We will measure it based on the movement of money and the number of registered users, measuring the rates by country, type of assets used, and amount per transaction.

We use several Blockchain technologies:
- XRP Ledger, to allow the exchange of crypto assets and fiat money.
- Ripple CBDC Network: For the use of money issued by Central Banks.
- Interledger Protocol: To integrate different financial networks and Blockchains for the exchange of crypto assets and money from different networks in a transparent way for users.

We are currently 2 women and 1 man, we try to always be inclusive and maintain high quality in the work team, knowing that our differences make us have a greater vision of the long-term objective.

Our model is made up of a transaction fee, based on an amount between 0.01 to 1% of the payment made through PeerPay, and charged on the asset used in the transfer.

We already won a US$100,000 grant from the Interledger Foundation to validate the idea and successfully test the proof of concept. Our objective is to establish pre-seed fundraising to continue advancing, and then in our productive version, we will charge users a small percentage for each payment made.