PagoPay
Financial Services - Chicago, Illinois, United States
PagoPay Employees
PagoPay Details
A mobile online peer-to-peer money transfer application that uses new decentralized ledger technology to securely and instantly transfer USD currency from users in North America to Ecuadorian users and vice versa. Funds can also be transmitted within Ecuadorian borders between anybody with an account with us.The cost of living in Ecuador is far less expensive compared to the United States, probably one of the reasons Forbes put in its "Best Places to Retire List" since 2013 and is still on the list today in 2019. Monthly wages average only a little over $400 in Ecuador, in the USA it's closer to $4000 per single-family homes.This is a reason many people from Ecuador travel to the US, to make a better living for themselves and their families. Ecuador has also adopted the US Dollar as it own currency after their currency the Sucre plunged in value since the year 2000. This makes it easier for people to travel between countries and not worry about loss in value due to foreign exchange. This market also currently lacks a platform that most people can use to transfer money quickly and efficiently between each other over their mobile devices.While Ecuador does use the US dollar, they are still forced to use traditional in-person money wire agents to send money back home however, these services still charge astronomical transfer fees that these people often don't want/ have the ability to pay but must because they have very limited options.We visualize a world where everybody has equal access to modern conveniences that are enjoyed in every first-world nation. PagoPay is just the first step in fully preparing every developing country with a platform to exchange funds where ever they may be. So we are creating a new cheaper alternative that helps facilitate remittance transfers and share money with friends within the country. We are working hard to finish developing this product to better serve these people, who deserve the same access to convenient tech
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