Beluga Pay: Decentralized Fiat and Crypto Point of Sale System

karankj (49)in #cryptocurrency • 7 years ago

Beluga Pay: Decentralized Fiat and Crypto Point of Sale System

Context

World Bank’s Financial Inclusion Database avows that more than 3 billion people are yet to have access to a bank account. This colossal number has cast a shadow on the success of financial technologies. In countries such as Nigeria, Indonesia, Colombia, Philippines and Peru, the prospect of approximately 630 million people getting access to a basic financial product such as a debit card is mired with immense uncertainty. The shockingly pleasant fact is that small and micro businesses such as local food vendors, gasoline stands, mobile phone kiosks etc., contribute an estimated 6.5 trillion in transactions annually. What’s inadmissible is the verity that less than 10% of such merchants embrace digital payments. Unreasonably high card payment fees, deplorable connectivity and poor infrastructure add fuel to the fire.

BELUGA
BELUGA is an ambitious asset transferring platform aspiring to tackle the afore-stated problems by leveraging blockchain technology along with crypto-currencies. It deftly intends to capitalize the fact that the global smartphone user base is expected to increase by 1.6 billion in the next 3 years. By adhering to the AML rules, KYC guidelines and regulatory principles it functions in, Beluga envisions to build a newer, better and fairer global financial platform.

Hybrid Blockchain Model
BELUGA’s hybrid blockchain model encompasses AI empowered BELUGA private blockchain and core platform which contain wallets and token balances. The architecture of this platform is flexible and supports multiple cryptocurrencies with ease. The communication between the private and public blockchain is facilitated through REST, JSON and other APIs (Application Programming Interfaces).

Market Opportunity
As far as providing merchant solutions for cryptocurrencies in developing countries in concerned, the incumbent technology companies such as PayPal, Square Inc., First Data Corp., have failed spectacularly. For all intents and purposes, BELUGA is the frontrunner when it comes to integrating traditional payments with the cryptocurrency market. It goes without saying that the current payment processing ecosystem comprises various stakeholders such as card networks, issuers, acquirers, etc.

Foundational Principles of BELUGA
The following two foundational principles guide the functioning of BELUGA both in letter and spirit, policy and execution:
• Remain completely compliant by acquiring as many banking technologies and licenses as possible
• As entrepreneurs and small & micro businesses are the target audiences, open source banking technology shall be distributed.

Proven Leadership Team
Here is a quick rundown on the proven leadership team of BELUGA:
Name Designation
Alex Avila Chief Executive Officer
Hugo Munguia Chief Technology Officer
Saravana Malaichami Chief Data Officer
Marifer Avila Head of Customer Happiness
Carlos Roca Chief Financial Officer

BELUGA Bank Ecosystem
BELUGA’s fiat and crypto card products are licensed and the verifiable products are integral components of its eco-system. As a matter of fact, BELUGA’s financial institution has nearly $70B in assets.