LiteLink is launching a new digital wallet designed for customers without a bank account. Developed by the LiteLink subsidiary uBUCK Technologies, the new payment app is called uBUCK Pay and is scheduled to begin its closed beta in June 2019.
uBUCK Pay is built on the Waves blockchain, and has a few features that are likely to distinguish it from other digital wallet competitors. For one thing, uBUCK cash is fully backed by US dollars. Users will need to purchase pin vouchers with real currency, and will be able to exchange their uBUCK cash for US dollars at any time, which should give the app more stability.
As it relates to users, the more notable perk is that uBUCK Pay will not charge any transfer fees. The decentralized app offers SSL encryption and biometric and device-based authentication, making it easier and safer to transfer money to friends and family members without a traditional bank account.
“We expect the closed beta will garner some very positive results and look forward to the feedback and full rollout of uBUCK Pay,” said uBUCK President and CEO James Youn.
uBUCK Pay is aimed at providing unbanked populations (estimated at 32.6 million in the US and 6 million in Canada) with a safe way to store and spend money. It could also make uBUCK Pay an appealing alternative to popular digital wallets like Apple Pay and Samsung Pay, which are usually linked to a user’s bank.