Reinventing Global Payment Processing for Migrant Remittances, Microenterprise Funding Infusions and Nationwide Direct Benefit Transfers (DBTs)

ideas4action@wharton.upenn.edu Europe, IdeaHub, Infrastructure & Economic Development

Using Blockchain technology1, the backbone of cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum, we propose a decentralized payment processing system that is currency-agnostic and is capable of scalable, robust and publicly verifiable transfers.

We propose the implementation of this system for international remittances by migrants3, DBTs and nationwide subsidy schemes, and in the microfinance-associated-funding at grassroots levels. The efficiency offered by the system, along with its fully traceable nature presents a unique opportunity to tackle systemic corruption, distribution failures, and onerous fees levied by established payment processors – institutional problems that affect developing nations worst of all.

The suggested implementation, although absent currently in a holistic form, is built up of individual components that are well established and whose efficacy on a local and global scale has been empirically verified.

Team Shibe
Pramod Emjay & Jens Wiechers