The Social Wallet: Global Financial Services with No Fees for Life
Many companies have claimed to revolutionize our wallets as we know them today, and The Social Wallet is no different in that regard. But this financial services platform is positioning itself not just as an app, but a movement based on the principle of paying no fees for the rest of your life. Also read: R3CEV Unveils Corda, But ‘Is […]
Many companies have claimed to revolutionize our wallets as we know them today, and The Social Wallet is no different in that regard. But this financial services platform is positioning itself not just as an app, but a movement based on the principle of paying no fees for the rest of your life.
What is The Social Wallet?
It is not the first, nor the last time an initiative is aiming to prepare consumers for the Digital Age. The way we think about payments and storing sensitive information – such as ID cards and driver’s licenses – needs to change, and The Social Wallet (thesocialwallet.io) is a project designed to do exactly that. But there’s more to this project than another fancy app to install on one’s mobile device, as the ultimate goal is to gain critical mass for this movement.
What will probably make The Social Wallet appealing to everyday consumers is that it is a free solution, which offers an option for users to store and exchange funds. But there is more, because unlike most other financial services, the end user will never have to pay any fee to use this service. The Social Wallet Organization is a global not-for-profit, which strongly believes in their fee-free structure.
Having access to financial tools regardless of geographical location or prior financial access is a major selling point for The Social Wallet in emerging markets. Moreover, all of the services are available in real-time, which is of particular importance when it comes to sending and receiving money around the world.
It is no surprise to learn that this nonprofit has been founded on the principle of how no corporation or service provider should charge its users for access to financial services. Additionally, some companies will limit the user’s ability to spend their money as they see fit. Anyone who has ever had their bank cards blocked for suspicion of fraud when travelling abroad will probably appreciate that The Social Wallet will never do this.
Bitcoin enthusiasts may notice similarities between the vision of Satoshi Nakamoto and what The Social Wallet is trying to achieve. The end user should be in control of their funds at any given time, and not have to pay for access to their money. Support for digital currencies is part of what this movement wants to bring to the general population.
But The Social Wallet also wants to become a mixture of financial and identity services. Moreover, there will be an App Store available for The Social Wallet, which offers open APIs and a way to integrate the platform into your website.
Crowdfunding The Digital Wallet Revolution
Although The Social Wallet is a nonprofit, funds have to be raised to get this project off the ground. Keeping in mind how the application will offer support for digital currencies, it is rather strange to see them host a crowdfunding campaign on Generosity –– a subsidiary of Indiegogo –– a platform that only accepts credit card payments. Then again, credit cards are the most common form of online payment solution in the world.
The campaign goal is rather ambitious, however, as they are looking to raise a total of $21m USD. So far, $1,458 has been pledged towards this goal, and even though there are some impressive backing rewards, it could prove difficult to reach their goal without additional payment options such as Bitcoin.
Speaking of the backing rewards, several tiers are named after prominent Bitcoin members. For example, there is a Roger Ver, Andreas Antonopoulos, Brock Pierce, and Fold App Tier. The Social Wallet movement hopes to entice these Bitcoin industry experts to make a pledge worth $2,100 each, although higher tiers are available as well, all the way up to $55m.
What are your thoughts on The Social Wallet? Is it a project you would contribute to financially? Let us know in the comments below!
Source: Press Release Via Email
Images courtesy of The Social Wallet, Shutterstock, thecollegianur.com