PearlPay (PRLPAY) ICO review
Pearl Pay is a Virtual Money Logistics System that provides world-class and yet affordable mobile wallet white-label service for rural banks. Using the latest technology, Pearl Pay will allow rural banks to launch their own virtual prepaid mobile wallet as fast as 30 days. "With a MatchMove partnership in place, it allows Pearl Pay to cut down the product development timeline from twenty-four (24) months to just six (6) months. The MatchMove partnership also serves as a backdoor entry to the MasterCard and Visa allowing more liquidity for the Pearl Pay accountholders. We think global and act locally. Pearl Pay has four core products combined into a single integrated system we called VMLS (Virtual Money Logistics System).
Pearl Pay is creating a solution to interconnect Payment, Remittance, Banking and Cryptocurrency. It will be solved using a comprehensive, secured and affordable Mobile Wallet OS and use Blockchain technology to lower the cost. Pearl Pay will target Philippines as its pilot country. Based on recent research, 70% of Filipino families has no bank accounts. There is also a high cost for domestic and international remittance which is a USD$33B industry in the Philippines.
Pearl Pay also identified that there more than 400 Rural Banks which has no foreign payment license. Payment licenses such as Mastercard, Visa or etc. The average cost to setup the infrastructure needed is approx. USD$4M.
Pearl Pay has four core products combined into a single integrated system we called VMLS (Virtual Money Logistics System) which provides a comprehensive “Mobile Payment and Money Transfer Platform as a Service” appropriately designed, of world-class quality, relevant for actual use and beneficial to the financial inclusion target market. It created a white-label product that will allow rural banks to launch their own virtual prepaid Pearl Pay and MasterCard accounts as fast as 30 days.