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LiteLink Applied sciences Inc. (CSE:LLT) (OTC:LLNKF) and its subsidiary uBUCK Applied sciences introduced some thrilling information this week that can provide the digital pockets and fee platform a serious edge on its competitors.
uBUCK introduced that it has signed an alliance settlement to type a strategic business relationship with Deltec Financial institution & Belief, a diversified unbiased monetary establishment that’s primarily based in The Bahamas.
Deltec, which offers a spread of personal banking experience, company and service provider banking capabilities, digital asset monetary providers, fund administration, funding administration, and insurance coverage options to its world purchasers, will provide uBUCK with a big community of economic service suppliers positioned all over the world.
“We’re very excited to enter right into a strategic partnership with Deltec, a extremely regarded monetary establishment with a spread of personal banking and fiduciary experience,” mentioned uBUCK CEO James Youn. “This partnership opens up uBUCK to a big community of economic providers suppliers throughout the globe.”
In response to the phrases of the settlement, Deltec will present pay as you go debit playing cards to its present financial institution and wealth administration purchasers, combine and market the uBUCK pay as you go card into the Deltec digital pockets and to its regional non-public financial institution networks in Asia, Europe, the Caribbean, and South America, and create devoted white label card applications to their present digital asset change purchasers.
The Rise of the Pay as you go Debit Card Market
Digital wallets and pay as you go playing cards are shortly changing into the norm and completely disrupting conventional banking. Specifically, pay as you go playing cards have continued to achieve numerous traction within the US.
In truth, the US pay as you go card market might attain an enormous $877 billion USD by 2020, fueled by the growing want for safety and comfort, together with the rising unbanked and underbanked inhabitants within the nation.
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Presently, 25% of US households are both underbanked or unbanked, that means they’ve restricted entry to banking providers that the opposite 75% take as a right. The primary motive so many are with out these providers is as a result of they both don’t have the funds to maintain in an account, have been blacklisted by main banks, don’t belief banks, are too younger to open an account, are fed up with hefty charges, or dwell in rural areas that don’t provide many choices.
Whatever the motive, it’s clear these people are in want of some help from the fintech world.
When LiteLink constructed the uBUCK Pay app, the corporate had this demographic in thoughts, and now, because of this take care of Deltec, uBUCK can broaden its attain and serve a fair bigger group.
By offering the underbanked with entry to a digital pockets and pay as you go, reloadable debit playing cards, the corporate can provide a quick and simple means for them to pay payments, ship cash to kinfolk, make funds, and withdraw funds from an ATM similar to the remainder of us.
The uBUCK Pay app additionally affords attractive options like record-breaking transaction pace and, maybe extra importantly, a loyalty and rewards program. And it wouldn’t come as a shock if LiteLink had extra offers developing after simply saying a non-brokered non-public placement for as much as $four million USD in gross proceeds.
As soon as the funding is full, LiteLink will use the extra capital to additional develop the uBUCK app and its capabilities, speed up development, and improve its buyer acquisitions.
Featured Picture: LiteLink Applied sciences
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