GetPaid is a platform that helps East Africans send and receive money online via the Stellar blockchain. Users can use their usual payment methods such as mobile money or bank to deposit and withdraw funds from their GetPaid accounts and use their GetPaid accounts to send and receive funds internationally.
Building blocks of GetPaid
Blockchain overview and why the Stellar network?
What is blockchain?
A blockchain is a network of computer systems that are all connected or linked together, similar to a chain. This network has a digital ledger of transactions duplicated and distributed across its entire network making it difficult or impossible to change, hack, or cheat the system.
Why do we use the Stellar network?
Stellar is an open-source, blockchain-based distributed ledger- that facilitates low-cost financial transfers and cross-border transactions between any currency. Our decision to use the stellar the network is based on the following advantages:
- Stellar Network allows for a global payment system with faster transaction speeds than banks and with lower fees. Anyone using the network can send and receive any currency regardless of their physical location. This is achievable through Stellar tethering a token to a traditional asset like USD, Yen, or the Euro.
- Transactions on the Stellar network take under five seconds and the average cost of each transaction is a fraction of a Lumen(XLM), which equates to a millionth of a cent. The low transaction cost opens use case potentials such as micropayments.
- The Stellar Network is truly decentralized, run by peers on the network, and not owned by anyone, just supported by its non-profit organization.
Problems GetPaid is trying to solve
Lack of appropriate online payment methods in the East Africa region.
East Africans primarily use mobile money and banks to perform their day-to-day transactions like sending money, getting paid, paying bills, etc. These payment options are often not available online or when they are available they have high fees which makes it difficult for most people to perform different transactions online.
High transaction costs on cross-border payments.
Cross-border payments incur very high fees in the East Africa region. One example is online freelancers receiving wire transfers are charged between $15 - $30 per transaction which is almost as much money as what this freelancer earned in a job.
To solve the above problems, we are building a platform to help people in the East African region make fast and secure payments online with minimum transaction fees.
Our target users are people who are looking to reap the benefits of modern-day work and business environments. People like freelancers selling their skills online, content creators selling digital products to their audiences, or traders trading the cryptocurrencies, stocks, or forex markets.
Currently, GetPaid offers two assets, XLM and USDC.
Deposit or receive funds
Users can deposit funds to their GetPaid accounts or funds can be sent to their GetPaid accounts via mobile money, bank deposit, and credit card.
Withdraw or send funds
Users can withdraw funds from their GetPaid accounts to a mobile money account, bank account, or another cryptocurrency wallet, e.g XLM to XLM transfer or USDC to USDC transfers.
Users can swap funds from USDC to XLM or from XLM to USDC
Welcome to checkout GetPaid