An update on the progress BlocPal has made. We cover key updates to our enterprise partnerships, the OneFeather Marketing Launch, and additions to our team and services that strengthen our offerings to clients.
The Tortooga project has successfully achieved another major milestone of building a network of over 10,000 active retailers in Mexico using the Tortooga POS retailer app. The retailer network is generating daily transaction volume of 1.3 Million to 2 Million MXN and we have set our next goal to reach 60 Million MXN (approx. US$3.0 Million) in total monthly payments for air-time recharge, utilities and gift cards. A video showing the Tortooga sales and operations teams in Mexico can be viewed here - https://www.blocpal.com/case-studies/tortooga-pay-case-study.
With the retailer network expanding, we are focusing more effort on the consumer wallet app. We have engaged a top marketing firm in Mexico specializing in Telecom and mobile recharge campaigns. We continue to optimize the consumer app user flow and features to improve conversion. Our next key feature is the Tortooga Pay prepaid Mastercard which is essential for consumer acquisition and retention programs via both retailer agents and online campaigns.
The mBnk project is progressing faster than expected with Shashank Joshi (CEO of mBnk) leading the way. Through an aggressive acquisition strategy, mBnk has already achieved a network of 8,000 active retailers in India and is on target to generate 270 Million INR (approx. C$4.8 Million) transaction volume in November. We have launched the mBnk marketplace app for retailers during Diwali, the biggest holiday in India; a five-day Festival of Lights that started earlier this month on November 14th. Our initial offering with the marketplace app includes domestic money transfers (DMT), biometric banking for easy deposits and withdrawals via fingerprint (AEPS) and payments for air-time recharge and utilities. We have a strong plan to continue to expand our financial inclusion services for retailers in rural and semi-urban areas of India, including distribution of micro-ATM/POS/AEPS devices, prepaid credit cards, insurance programs and savings plans.
Similar to our strategy in Mexico, we are excited about the greater long-term potential of the consumer app which will be promoted and built on top of the mBnk physical retailer network. The mBnk consumer app, planned for release early next year, will initially offer money transfers, prepaid credit cards and air-time recharges to consumers in India and to their family and friends outside of India.
mBnk becomes BlocPal’s third partner that we have invested in an equity partner position but represents our first majority ownership. We believe India is one of the biggest market opportunities for us globally.
The custom OneFeather Pay Mastercard is ready now as we move from the Private Beta phase to the Marketing Launch phase this week for the OneFeather mobile app. OneFeather users will be able to login to the app with their OneFeather account and easily order, activate and load funds to their OneFeather prepaid Mastercard. BlocPal is working closely with the OneFeather team to continue to enhance the app with upcoming features. We are currently integrating into the app OneFeather’s proprietary services like electronic First Nations Status Card renewal, digital voting, and community engagement. We are also adding more financial features such as mass payment disbursement for the governing administrations of the First Nations communities to easily transfer funds to their community members.
Neil Kothari, JD, CA, CFA, has joined BlocPal in the role of General Counsel as a member of Caravel Law. Neil has extensive capital markets, M&A, corporate governance and banking experience gained through domestic and international law firms and technology companies. He has held senior positions in the capital management, treasury, and international banking arms of two of Canada’s largest Chartered Banks (Royal Bank and TD Canada Trust). He has also advised several start-ups, technology and fintech companies in relation to early stage financing, payment infrastructures, AML, licensing terms and online product distribution.
BlocPal has selected Chainalysis to help us enhance our Anti-Money Laundering (AML) / risk management procedures for cryptocurrency related transactions, The integration to Chainalysis helps us maintain compliance with global financial regulations, especially for BlocPal features that bridge digital currencies with traditional fiat payments and banking. We utilize the Chainalysis Know-Your- Transaction (KYT) service via a real-time API to identify high risk or fraudulent crypto transactions which may be related to criminal activity or sanctioned blockchain addresses.
Our warmest regards,
The BlocPal Team