ebucks offers free instant peer-to-peer credit transaction. Built on top of blockchain technology, our project is safe from cybersecurity risks such as fraud and theft. With features such as payment requests and bill splitting, we provide a solution to day-to-day hassles, transaction fees, and the inconveniences of doing these processes through online banking platforms.
In a bit over a month we would have a working prototype of the application. We also have started negotiating prospective partnership with the UAE government.
The problems discussed above are extremely tangible for our beachhead market: university students and UAE millennials. They sum up to 40% of population in the country and have twice spending power of their MENA peers. 76% of the population is already involved in eCommerce which provides an outstanding atmosphere for introducing ebucks. After launching the app in the UAE, we would expand to other countries of MENA region.
Problem or Opportunity
It often happens that when a person wants to split a bill among their friends or pay their landlord rent, they face a problem inevitably associated with cash: one always needs to have exact change. Chipping in for dinner in a big company is always hard only due to this problem. If one chooses to use online banking platforms, then they have to deal with tedious forms and high transaction fees between different banks.
Solution (product or service)
Our solution is a mobile application for instant credit transactions among users. Built on top of blockchain technology, our project is safe from cyber security risks such as fraud and theft. With features such as payment requests and bill splitting, we provide a solution to day-to-day hassles, transaction fees, and the inconveniences of doing these processes through online banking platforms. The first time a user signs into the application, they will be prompted to input their UAE bank account, and a credit or debit card. After this, they can receive money from other users, which will be reflected in the app instantly. Users can also send their credit without any fees, and if they would like to send more money than their available credit, the app automatically prompts them whether they would like to be charged the difference to their card. Finally, if they would like to transfer their credit to their bank accounts, an Automated Clearing House (ACH) transaction will be sent to their linked bank accounts, and they will be charged a small fee. According to a survey our team has conducted at NYU Abu Dhabi, 83% of UAE locals and residents on campus are willing to use such an application in their everyday life. In the future, we plan to partner with uae.souq.com and other online/offline shops and businesses to bring to reality safe and reliable peer-to-peer and business-to-customer payments in the UAE through a single platform. Venmo and Zelle in the US have shown that such technology is urgently needed and that it brings high revenue if customer awareness is high.
There are no applications like ebucks in the UAE and MENA region.
People still have to deal with cash, with high transaction fees and with hard to fill out forms in banking apps.
Advantages or differentiators
Our application is built on blockchain which makes it the most secure on the market. We also do not charge fees for transactions between users.
Our application is free.
We offer free peer-to-peer payments charging 3% on a cashout. It means that when a user wants to transfer money from their ebucks account to their bank account, we charge a small fee of 3%. According to research our team has conducted at NYU Abu Dhabi (Abu Dhabi, UAE), a user on average is willing to cashout 200 dirhams ($50) a month. With 200k users, our revenue would be 14 million dirhams ($3.8 mln) per year.
Money will be spent on
In the first place, money would go to development and debugging of the app. It would also be spent on a server and adds in the UAE.
Offer for investor
We are offering 10% of the company's equity for $200K.
The only risk might be sudden appearance of many competitors with well-established products in the market. Although it would slow down growth of the app, it would not hurt us dramatically.
Incubation/Acceleration programs accomplishment
Completed StartAD Venture Launchpad, Abu Dhabi, UAE, September, 2017.