NEW YORK, May 14, 2019 /PRNewswire/ -- For decades, payments companies such as PayPal (NASDAQ:PYPL) and banks have overcharged consumers with expensive transaction and transfer fees. P2P payment giant Alipay, owned by Alibaba (NYSE: BABA) is free for smaller users but can grow to 1.2% depending on your transaction volume. But, even with Alipay, global transfers are restricted, tightly controlled and monitored by the Chinese government. Even with the new TransferWise service, consumers can't seem to escape processing fees. And it's not just traditional currencies that suffer from high transfer fees. Cryptocurrencies like Bitcoin and Ethereum charge steep fees when it comes to cashing out to fiat money. Riot Blockchain, Inc. (NASDAQ:RIOT) announced plans to launch a regulated crypto exchange in the U.S., in the wake of a recent massive rally enjoyed by Crypto. Litelink Technologies Inc. (CSE:LLT) (OTC:LLNKF)'s wholly owned subsidiary uBUCK Technologies SEZC is about to revolutionize the digital payments industry and allows consumers to earn rewards via an integration of Datable Technology Corp.'s (TSX-V:DAC) (OTC:TTMZF) loyalty program.
uBUCK could change the rules forever with the coming launch of uBUCK Pay, the world's first worldwide decentralized online payments platform offering a stable token with a pin voucher solution that serves as a payment alternative for consumers, businesses and merchants. Users of uBUCK Pay will now be able to transfer uBUCK cash to friends, family, vendors and business associates around the world — all without paying a single penny in transfer fees.
Worldwide money transfers are instantly processed in near real-time and are 100% free on this platform. This is essentially the holy grail of overseas transfers that countless people and multinational businesses around the world have been seeking since the dawn of globalization, and that new technologies such as cryptocurrencies could never truly deliver on.
In fact, free worldwide money transfers make Litelink Technologies Inc.'s (CSE:LLT) (OTCPK:LLNKF) uBUCK a game-changing platform with true disruptive potential. Catering to fiat and crypto, this platform is open to users across the spectrum.
The company has just signed an agreement to integrate the loyalty and rewards program of Datable Technology Corp.'s (TSX-V:DAC) (OTCPK:TTMZF)into the uBUCK Pay platform. This would effectively allow account holders of uBUCK Pay to earn rewards for every purchase and payment they make within the uBUCK Pay digital wallet or on their uBUCK Mastercard, another bonus to uBUCK's payment convenience.
The beauty of this platform lies in the U.S. dollar backed stable tokens called uBUCK cash. Being a stable utility token makes it incredibly flexible and secure, allowing users to transfer funds worldwide, shop anywhere in the world and earn points while they're at it. Built on the decentralized, distributed ledger of the record-breaking fast Waves blockchain platform, it enjoys the same security as Crypto but none of the volatility thanks to being a stable token.
With uBUCK, you can shop with your virtual multi-currency wallet or a physical card. Users can use their uBUCK Black Elite Mastercard online or offline anywhere Mastercard is accepted. Such an offering easily beats out any and all payment competitors, including digital payments platforms such as cryptocurrencies, Alibaba's Alipay, Western Union, PayPal or PayPal subsidiary Venmo.
Truly Disruptive Fintech
International fund transfers have always been difficult. Chinese digital wallets such as WeChat Pay or Alibaba (NYSE: BABA)'s Alipay payment service, are highly convenient – particularly within Mainland China and areas with a large Chinese diaspora. However, international transfers for Alipay are limited to 30,000RMB (USD $4,361), with a fee of 50RMB (USD $7.27) per transfer. WeChat has even stricter limits. In addition, only Chinese citizens are allowed to send money through the app—at least for now. Meanwhile, PayPal (NASDAQ:PYPL) charges $4.99 for international transfers plus another 2.9% plus 30 cents per transaction if funded by a credit or debit card. Paypal also charges 1% of the amount transferred, up to a $10 maximum for instant transfers with an eligible linked debit card.
Blockchain-based cryptocurrencies such as Bitcoin have held the promise of secure, cheap and quick transfers, but the bitcoin network is slow and their blockchain fees can get very expensive if there is congestion on the network. Cryptocurrency is notoriously difficult for fiat withdrawals given you have to go through the exchange like that being offered by RIOT Blockchain (NASDAQ:RIOT), which can take anywhere from four to fourteen days. With the recent rally in Crypto, users looking to cash out on their coins can simply purchase uBUCK cash and immediately convert it to U.S. dollars.
Another problem with transferring money using cryptocurrencies is volatility. The value of the most popular cryptocurrency coins and tokens fluctuate wildly over time, as they are not asset-backed or stable tokens, and are traded primarily by speculators on digital currency exchanges. Unlike cryptocurrencies, uBUCK is not mineable or tradeable, and its value is backed by the U.S. dollar through pin voucher sales. When users buy uBUCK vouchers, the funds are held in trust, until the user wishes to load their uBUCK Mastercard. uBUCK, therefore, will never fluctuate in price.
Loyalty Rewards to Sweeten an Already Sweet Deal
With uBUCK's newest strategic partnership with Datable, the potential market exposure of uBUCK will increase a thousand-fold. Considered the top rewards platform on the market, Datable currently features over 30 brands such as Universal, General Mills, Unilever, and Toro. Under the terms of the latest letter of intent with Datable, the uBUCK prepaid cash card will be featured as a reward for consumers to purchase with their points inside every one of Datable's client portals.
As uBUCK charges a transaction fee for each purchase, Datable will be sharing the revenue from these transaction fees and card sales. Meanwhile, Datable's referrals will allow uBUCK to potentially gain access to millions of new users who frequent their portals.
The introduction of Datable's customer loyalty and rewards program both encourages adoption and fulfills a key marketing function – introducing the tokens to the market via a rewards program they are familiar with. According to Reuters, 80% of Americans already belong to some type of loyalty rewards program, with U.S. consumers holding a whopping 3.8 billion memberships in customer loyalty programs.
It's clear that rewards programs have become an incredibly popular feature for even new tech brands, as they offer a loyalty incentive for customers to continue using the service, while consumers and shoppers receive a value-added bonus for something they were already going to do.
PayTM's digital wallet has been largely successful due to its customer rewards program. The company is raising up to USD $2 billion at an $18 billion valuation. The fact that loyalty programs continue to grow despite having been around for so long shows that these systems are demonstrably effective, and can have a significant impact on the bottom line.
Litelink Technologies Inc.'s (LLT- LLNKF) uBUCK platform stands to absorb a potential influx of new customers upon its launch. It's also something that other digital payment platforms have never offered, which is why loyalty rewards should give uBUCK Technologies SEZC the clear edge in the fight to become a dominant player in the P2P digital payment space.
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