A couple of weeks ago, I interviewed Constantine Firun (who is the CEO of VoisiCard) for our Around The Coin podcast. VoisiCard is a fintech startup based out of St. Petersburg, Russia, and is focused on the money transfer space. Needless to say, any startup that is in the money transfer / remittance space, interests me.
What is unique about them is that they are not really a fintech player, whilst still being in the fintech field. VoisiCard position themselves as a software company. Their solution is —- get ready for it —- Open Source! It is 100% free to implement, and their financial model is like of RedHat, they charge only for a support contract (and that too is optional).
The solution itself is unique. It uses a blockchain ledger to keep track of the IOUs being exchanged, and by directly integrating with a carrier’s billing system, the value-transfer is instant.
The concept is simple: use a carrier’s already established relationship for minutes settlement with other carriers and use this platform for value transfer. The notion of using airtime value transfer is not a new one. But to use blockchain technology with it and integrating it directly with mobile money, is new. I’m not going to delve too much on how it works, the slides below do a fantastic job of explaining it.
I wish more carriers (and regulators) look at this innovative method and implement the same. You can reach Constantine directly at: firun /at/ voisicard.com