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Discussion in 'Pre + Budget Proposal Discussions' started by QuikWallet, Mar 2, 2018.

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  1. QuikWallet

    QuikWallet New Member

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    Hello Dash Community.

    I'd like to introduce myself, I'm Mohit Lalvani, the Co-Founder & CEO of LivQuik, an India-based payments technology company.

    LivQuik owns and operates the Consumer App - QuikWallet. We've recently added wallet capabilities for BTC, BCH and ETH to our consumer App and we would love to work with the Dash community.

    Here's a brief about our journey -

    We started our journey as a B2C company - we launched a consumer facing mobile wallet app and found the going tough competing with the kind of capital at play (PayTM has raised over $3bn to date from Alibaba/Softbank). We'd built some really neat solutions and decided to take a B2B2C approach instead. We integrated our solutions into two large mobile banking apps in India (eliminated customer acquisition cost). The bank's customers could now make payments on our 4000+ merchant network directly from their bank app. On the merchant acquiring side, we're working with Edenred India (Ticket) for whom we white-labeled our merchant acceptance platform. Ticket issues tax-free meal vouchers to large corporations for onward issuance to their employees. Ticket will be acquiring close to 40k merchants on our platform using our technology solutions.

    In 2016, we received a license from the Reserve Bank of India to operate a semi-closed payment system. Now, coming to the crypto world - We're resurrecting our consumer app and adding the ability to Buy/Sell/Spend popular cryptocurrencies (BCH, LTC, ETH, DASH) enabling consumers to pay at our 4000+ merchant network which will organically grow to 40k+ since Ticket Restaurant will be acquiring merchants (primarily grocery stores and eateries). Very recently, the RBI has permitted inter-operability with open payment systems like NEFT, Visa, MasterCard, RuPay, UPI & Bharat (India) QR. This allows us to issue cards to consumers linked to their wallets and operating as principal members on these interoperable networks. Even in a possible future event that Visa/MasterCard and bank-backed networks decide to shut access to crypto wallets like us, we have our own network because of our tie-up with Ticket Restaurant.

    There are over 2mn+ merchants already accepting payments using the Bharat (India) QR code standard.

    Recently, WhatsApp has integrated UPI so if you are in India you can simply WhatsApp money directly from within the App to a contact in your phonebook.

    From a Proposal / Budget standpoint, as a company, we need to raise about US$ 7mn and are in active conversations with various venture capitalists and are also contemplating an ICO. I'd love to share our presentation and some links where you can learn about what's happening in payments in India, unfortunately the forum is not letting me attach a file or any links.

    Cheers!
     
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  2. Name3

    Name3 Member

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    Exciting stuff! Have you considered giving dash preferential treatment in exchange for funding? For instance, some amount of time of Dash exclusivity, or dash receiving lower fees than the other currencies to encourage people to use Dash? Do you plan on putting up a full pre-proposal where we can see more details?
     
  3. QuikWallet

    QuikWallet New Member

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    Yes, for now I'm trying to gather some initial feedback before building out a full fledged proposal! Ideally I wanted to post a few links which explains some of the things I'm talking about to ensure the community understands what we're trying to do and the possible challenges we face. This is my second post, so after the third one, I'll put up our presentation and then work towards building a proposal. I saw the "8 steps to a succesful proposal" sticky thread after my first post.
     
  4. TheSingleton

    TheSingleton Active Member
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    Well, I'll just give you my opinion from what I have read so far. If this can really give us access to 40K Merchants then this will be amazing. What are your current expectations of how many users you can acquire?

    And as Name3 said if you want funding from us you will need to provide some kind of preferential treatment to dash. Preferably an exclusivity period.

    You said you need $7million even if the proposal is worth that much currently that would put serious strain on the budget. So getting some other Investors might be a necessity unless the Dash price and thus the available budget go up significantly.

    Also for a proposal of this magnitude make sure to take enough time to figure out the details before submitting a real proposal.
     
  5. QuikWallet

    QuikWallet New Member

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    User acquisition will require a marketing budget. In India, the leading players have spent billions of $ on doling out cashbacks and discounts to consumers and merchants alike.

    Also, we can provide access to not just 40k merchants but 5 mn+ merchants...

    Our license from the Reserve Bank of India will soon permit us to be -

    1. An issuer on card payment networks like Visa & MasterCard (POS terminal penetration has doubled from 1.5 mn to 3 mn in just over two years since demonetization)
    2. An issuer on the merchant mobile payments network "Bharat (India) QR" - 2 mn+ merchants who can't afford POS terminals, accept payments through QR codes in India. Demonetization gave a huge fillip to digital adoption.
    3. Member of the Unified Payments Interface - This is an address based P2P payment system (for eg. [email protected]) by the National Payments Corporation of India and adopted by most of the banks in India. WhatsApp recently launched payments in India on the UPI rails, so I can send money to anyone on WhatsApp bank-to-bank without ever leaving the app.

    Why we need $7 mn? - As per the new guidelines by the RBI, we need to increase our paid-up capital to ~$4 mn and have about ~$1 mn in reserves at all times by 31st March, 2020. Yes, we are actively seeking investors and are also contemplating an ICO but we'll need to raise some capital to even finance the ICO and could be done with a smaller budget. Further, to conduct an ICO; being a regulated company, we will need to reverse merge our Indian entity into an entity based in an ICO conducive jurisdiction. And yes, we are trying to figure out all the details and such discussions and feedback help us make progress :)

    We are essentially like a Bank (no cash withdrawals allowed). This license also permits us to undertake foreign inward remittances.

    I'm hoping after this reply I can start posting links :)
     
  6. QuikWallet

    QuikWallet New Member

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  7. Name3

    Name3 Member

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    This is really exciting stuff and I think that everyone in the Dash community would be very excited for your proposal. You should probably contact Bradley Zastrow (email: [email protected]) at Dash Core to facilitate escrow. As long as you can offer dash some period of exclusivity or some incentive close to it in your proposal I feel like this would almost certainly pass through.
     
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  8. QuikWallet

    QuikWallet New Member

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    Thank you, I'll certainly reach out :)
     
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  9. eximius

    eximius New Member

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    This is exciting stuff. But as far as my knowledge goes, cryptocurrencies are not a legal tender in India. Yes, exchanges do exist, but at their own risk. But business transactions cannot be carried out at this point in time. I would love to hear more about this, as you would have made your research on this issue.
     
  10. QuikWallet

    QuikWallet New Member

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    We already have a legal opinion. When the user initiates the transaction, a disclaimer will be provided - "As crypto assets aren't considered legal tender, please note that you are actually selling your asset at the spot rate provided by us and the merchant will receive payment in Indian Rupees"
     
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  11. CarlosTrujillo

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    Dash Address:
    Xi7AmnKhSMtRAat7jcb9SZu2ABP96XEcyR
    Congratulations for the work of your company. The Fintechs are definitely wonderful. I would like to see a roadmap of your plan and know your short and long term goals in detail. I will follow your project closely. Greetings and success.
     
  12. Arthyron

    Arthyron Active Member
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    Yes, to echo the suggestions of others here, having access to millions of merchants is fantastic, but in particular, what advantages will you provide to the Dash network over others? If we're going to fund this integration, it has to be worth our while as well. In the past, as previously mentioned, others have offered us some measure of exclusivity or discounts for paying with Dash or those sorts of advantages. Help us to make this a mutually beneficial arrangement and your chances of being funded increase dramatically.
     
  13. Argon31

    Argon31 Member

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    Asking for this kind of money without any track record with the network is the surest way to have a proposal turned down.

    Also, supporting icos or your investment rounds doesnt do anything for the dash network.

    I would like to see this start small before asking for larger sums..
     
  14. QuikWallet

    QuikWallet New Member

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    Thank you :) Yes, in a few days we will publish a full-fledged roadmap

    We're discussing this internally prior to putting out a full proposal

    Dash support is coming to QuikWallet in the next 2-3 weeks. We're launching with a few use cases -

    1. Send / Receive
    2. Pay at 4500+ merchants (on our closed network)
    3. Mobile / Satellite TV Air Time Top-ups and Utility Bill Payments
    4. Gift Cards - over 50+ large format online and offline retailers

    We're not looking to have the money in our account tomorrow. We want to engage with the community, we mean business. As a company we've already raised $2.5mn over thee investment rounds so we have runway for the next few months while we talk to VC's and explore other avenues of raising capital. Unfortunately, the amount required is quite large because of the new regulations. They open up inter-operability but require significant investments to be made.
     
    #14 QuikWallet, Mar 10, 2018
    Last edited: Mar 10, 2018
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  15. CarlosTrujillo

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    Dash Address:
    Xi7AmnKhSMtRAat7jcb9SZu2ABP96XEcyR
    Great!! I'll be waiting.
     
  16. AlejandroE

    AlejandroE Active Member

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    Hello, thanks for sharing us your company and your ideas to add Dash in your systema. We know the importance of bringing as much merchant we can and if you can add those merchant you are saying to Dash, it would be something really big. I quote the previous comment (what is in exchange for Dash if you get funded? This has to be a win-win alliance).

    It would be great if you can provide a Detailed costs breakdown about how you are going to spend the funds and also a roadmap with milestones.

    Looking forward to your response. Best regards!
     
  17. Jorge Saez

    Jorge Saez Member

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    Dash Address:
    XtR9Aac8TuRYdkA4QcmH855uVA9zsoKjhB
    This project is wonderful, if everything goes well, it would be a great step for the Dash community. Good luck!
     
  18. QuikWallet

    QuikWallet New Member

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    Hi Alejandro - a few days prior to the next Budget, we will publish our Proposal here to gather feedback!
     
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  19. QuikWallet

    QuikWallet New Member

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    Dash support for QuikWallet is here for our beta users :)
     

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  20. Arthyron

    Arthyron Active Member
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    @QuikWallet -- Looks great, and the fact that you've secured some of your own funding for the project also bodes well for your proposal. It might be a good idea to visit http://www.dashcentral.org and look at some of the previous, successfully funded proposals to gauge what kind of funding you might able to secure. We're looking more and more toward funding successful integration projects like this, so I hope we're able to come to a mutually favorable, mutually beneficial arrangement.
     
  21. QuikWallet

    QuikWallet New Member

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    Hello Dash community - thank you for your support. Our intent was to put up a detailed Proposal by the end of last week, but our plans have been scuttled. After a lot of planning and a couple of months of dev effort, we have to scrap the entire roadmap and go back to the drawing board. Our goal was to increase adoption for crypto currencies in India by making it easy to Buy/Sell/Send/Receive, Spend and Hodl with a strong focus towards Dash.

    On Thursday last week (5th April), we were all set to post our Proposal here on this thread, but around 5 PM IST, we received a notification about a press release from the Reserve Bank of India. Here is the link to the Press Release - https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574

    The release specifically stated -

    12. Central Bank Digital Currency

    Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.

    13. Ring-fencing regulated entities from virtual currencies

    Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

    Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.


    This was followed up a circular issued the next day - https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11243&Mode=0

    Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.

    2. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs.

    3. Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.

    4. These instructions are issued in exercise of powers conferred by section 35A read with section 36(1)(a) of Banking Regulation Act, 1949, section 35A read with section 36(1)(a) and section 56 of the Banking Regulation Act, 1949, section 45JA and 45L of the Reserve Bank of India Act, 1934 and Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2007.


    Since we are a Reserve Bank of India regulated "Payment Systems Operator", we can no longer support crypto currencies.

    We now have to remove wallets for all crypto currencies that we'd added in the QuikWallet App because of this draconian step taken by the Reserve Bank of India.

    We haven't lost hope and we're having intense strategy discussions internally to formulate a plan towards our goal of increasing adoption in India. This means we will now have to domicile a separate entity outside India - everything is on the cards now.

    Thank you once again!
     
    #21 QuikWallet, Apr 11, 2018
    Last edited: Apr 11, 2018
  22. Name3

    Name3 Member

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    Disappointing to hear that. Hopefully, we can work together in the future when the regulatory climate has become more favorable.
     
  23. QuikWallet

    QuikWallet New Member

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    Thank you for your support, this has been really unfortunate for us, but we'll be back!
     

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