LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) and its subsidiary uBUCK Systems introduced some fascinating information this week that will offer you the electronic wallet and payment platform a significant edge on its levels of competition.
uBUCK announced that it has signed an alliance settlement to form a strategic professional romance with Deltec Financial institution & Have confidence in, a diversified impartial monetary institution that is centered in The Bahamas.
Deltec, which supplies a array of private banking skills, company and service provider banking capabilities, electronic asset fiscal services, fund administration, investment administration, and coverage alternatives to its global shoppers, will present uBUCK with a massive community of money assistance companies positioned about the earth.
“We are really energized to enter into a strategic partnership with Deltec, a remarkably regarded fiscal institution with a array of personal banking and fiduciary knowledge,” mentioned uBUCK CEO James Youn. “This partnership opens up uBUCK to a significant community of financial companies vendors throughout the globe.”
According to the conditions of the settlement, Deltec will provide prepaid debit cards to its current bank and prosperity administration purchasers, combine and market place the uBUCK pay as you go card into the Deltec electronic wallet and to its regional non-public lender networks in Asia, Europe, the Caribbean, and South The us, and make devoted white label card courses to their current electronic asset exchange clients.
The Rise of the Pay as you go Debit Card Marketplace
Electronic wallets and pay as you go playing cards are quickly starting to be the norm and fully disrupting classic banking. In unique, prepaid cards have continued to acquire a lot of traction in the US.
In fact, the US prepaid card market could access a massive $877 billion USD by 2020, fueled by the growing need for protection and benefit, alongside with the escalating unbanked and underbanked population in the nation.
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Currently, 25% of US households are either underbanked or unbanked, indicating they have constrained access to banking products and services that the other 75% take for granted. The key purpose so many are without these providers is for the reason that they either really do not have the funds to retain in an account, have been blacklisted by big financial institutions, really don’t believe in banking companies, are far too youthful to open an account, are fed up with hefty fees, or reside in rural locations that really do not offer you numerous options.
Regardless of the cause, it’s clear these persons are in will need of some aid from the fintech globe.
When LiteLink developed the uBUCK Spend app, the corporation had this demographic in mind, and now, thanks to this offer with Deltec, uBUCK can extend its reach and serve an even larger group.
By offering the underbanked with accessibility to a electronic wallet and prepaid, reloadable debit cards, the firm can supply a rapidly and simple way for them to shell out payments, ship revenue to kinfolk, make payments, and withdraw money from an ATM just like the relaxation of us.
The uBUCK Spend app also presents enticing capabilities like document-breaking transaction velocity and, maybe far more importantly, a loyalty and benefits application. And it would not come as a surprise if LiteLink had much more discounts coming up immediately after just announcing a non-brokered non-public placement for up to $4 million USD in gross proceeds.
At the time the financial investment is total, LiteLink will use the added cash to further build the uBUCK app and its capabilities, accelerate advancement, and enhance its customer acquisitions.
Featured Image: LiteLink Systems
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