How Unit-e is Revolutionizing Global Money Transfers

In the world of global money transfers, high fees and complexity have long been the norm. Every year, billions are sent across borders, yet the cost of doing so remains steep. DTR, the fintech company behind Unit-e, is set out to disrupt the system. Their goal is ambitious: to create a mobile app that makes sending money as easy as sending a text—without the hefty fees.

Unit-e operates in the highly competitive fintech industry, with a particular focus on international money transfers. The company saw an opportunity to serve the growing remittance market, which in 2023 saw people in the UK alone sending £20.9 billion overseas, with £4 billion of that going to India. Yet, even in a competitive market with established players like Wise(prev TransferWise), the cost of sending money remained significant. What makes Unit-e unique is their commitment to leveraging blockchain principles to cut out middlemen and drastically reduce costs for users.

The challenge in the remittance market

For consumers and businesses alike, the high fees associated with traditional money transfer services were a persistent pain point. Consider this: Wise charged a flat fee of £0.71 plus 0.5% of the transfer amount. A £1,000 transfer to India would cost £5.71—a manageable fee for some, but for frequent transfers or larger amounts, these fees quickly added up. Users also faced delays, intermediaries, and the complexities of traditional banking systems, making cross-border payments both expensive and slow. Unit-e knew there had to be a better way. explains Marc, the chief product officer of Unit-e. "It doesn't sound like much, but for frequent senders or larger amounts, it really adds up."

Unit-e’s challenge was clear: how could they eliminate these high fees while maintaining the security and ease of use people expected?

Using Candide Atelier to build The Unit-e App

To achieve their goal, Unit-e needed an infrastructure that would allow them to eliminate transaction fees while offering top-notch security. After exploring various solutions, they discovered Candide Atelier, a platform that delivered the benefits of blockchain technology without their users ever needing to know about crypto. With Atelier, Unit-e could create a seamless user experience where blockchain complexity—such as gas fees, blockchain addresses, and wallet management—were completely abstracted away.

Zero-fee

For their cornerstone Zero-fees feature, the Unit-e team relied on Candide’s Paymaster API, thereby making offering free transactions a breeze, with a plug and play API and the most robust gas policies on the market for gas sponsorship.

"People often ask if there's a catch when we tell them they can send money for free". Adrian, the lead engineer remarked.

But there isn't. Candide’s Paymaster API allowed Unit-e to sponsor blockchain transaction fees, effectively eliminating costs for users—a revolutionary step in the remittance industry. Unit-e’s zero-fee approach allowed them to gain a competitive edge in a market long dominated by high fees. Their fee-free service immediately resonated with users, especially those who frequently sent smaller sums of money—such as students supporting family members or freelancers receiving overseas payments. These users could now send funds without worrying about high costs eroding their earnings.

Stablecoin as digital cash

A key component of Unit-e's innovative approach to global money transfers is its strategic use of Stablecoins: digital assets pegged to the value of traditional currencies like the US dollar. Unit-e is able to provide fast, secure, and cost-effective international transfers while avoiding the volatility typically associated with cryptocurrencies.

Stablecoins play a crucial role in Unit-e’s zero-fee model. Because these digital currencies maintain a stable value, they allow Unit-e to bypass the need for traditional intermediaries such as banks, which often introduce delays and additional costs. Unit-e ensures that users can send and receive money instantly, regardless of borders or time zones, without worrying about fluctuating exchange rates.

"Stablecoins give us the ability to offer real-time transfers while keeping costs at zero for our users," explains Marc.

It's the perfect solution for cross-border transactions, as users can send funds without the risk of value loss during the transfer process. This approach is especially beneficial for Unit-e's diverse user base. For individuals and businesses who need to make international payments quickly—whether it’s sending remittances or receiving payments for freelance work—stablecoins provide the stability and efficiency required to make global transfers as seamless as possible.

Uncompromising Security and Stability with Safe

In the world of finance, security is paramount. Unit-e understood that to truly revolutionize the remittance industry, they needed to offer unparalleled security alongside their innovative features. But security wasn't the only consideration. In a rapidly evolving tech landscape, stability was equally crucial. The Unit-e team needed a solution that wouldn't require constant updates or risk breaking changes, Candide’s AbstractionKit's stability was a huge selling point. It meant they could focus on improving the user experience without worrying about our underlying infrastructure constantly shifting.

By leveraging Candide’s AbstractionKit open source library, Unit-e was able to offer each user a Safe Account - a battle-tested smart contract wallet known for its robust security features. Safe Accounts have an impressive track record, currently securing over $100 billion worth of assets across various blockchain networks. The Unit-e team used AbstractionKit to build their wallet using Safe Contracts and the ERC-4337 standard.

The Future of Global Finance

Unit-e is not stopping here. As the company continues to grow, they are exploring new ways to leverage Candide’s infrastructure to add more features and further simplify international money management. The team is particularly excited about the potential for adding more capabilities such as login-in with Passkeys authentication and scheduled recurring transfers that could further simplify international money management for their users.

As with any innovation in fintech, security, user experience, and transparency remain top priorities for Unit-e.

“Candide’s technology was crucial in helping us deliver a secure, user-friendly platform without the complexity of blockchain jargon,” says Adrian.

It allows us to offer zero-fee transactions while safeguarding our users’ funds, and that’s something every fintech leader must prioritize. Unit-e’s partnership with Candide has not only made cross-border payments more accessible but also laid the groundwork for broader financial inclusion. “What we’re seeing is a growing readiness from users across all demographics to embrace a new way of adopting stablecoins”.

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How Unit-e is Revolutionizing Global Money Transfers

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