Introduction
This video discusses the panel discussion titled “Innovating on Consumer Wallets” from the Kuneco conference in April 2021. The panel featured two builders from the Celo community, Jackie Bona from Sea Labs and Neon Rock from Press Base, who shared their insights and experiences in innovating consumer wallets for cryptocurrencies.
Background
Jackie Bona, the Head of Consumer Growth at Sea Labs, introduced Velora, a simple yet powerful consumer wallet powered by blockchain and the Celo ecosystem. The goal of Velora is to democratize access to financial tools and bring the benefits of crypto to people around the world. It serves as a Celo hub, enabling users to save, earn rewards, and generate income through their mobile phones.
Neon Rock, the founder of Press Base, discussed their fintech company’s mission to financially connect Africans everywhere. They aim to provide a payment and remittance solution by leveraging crypto, specifically Celo, to bridge the gap between the blockchain world and the real-world financial needs of Africans.
Innovations in Consumer Wallets
Velora’s Impact on Kenyan Workers
Jackie highlighted the impact of Velora on the emerging microwork community in Kenya. By partnering with Corsali, a company tackling youth unemployment in Kenya, Velora enables easy and instant payments for online workers. Through surveys, Velora discovered that users started saving their earnings within the digital wallet instead of spending them immediately. They saw Velora as a savings app that offered interest through the Sello Rewards program. The ease of converting crypto dollars into Kenyan shillings was facilitated by Katani Pay, another company in the Celo ecosystem.
Insights from Velora Users
Jackie shared insights from a product market fit survey conducted with Velora users. Users appreciated the ease and benefits of using blockchain for international money transfers. Over 40% of respondents considered savings and rewards as the main benefits of Velora. However, users expressed the need for enhanced usability, such as increased acceptance of Celo Stable Dollars (cUSD) in more places and improved crypto-to-fiat on/off ramps.
Peso Basis: Bridging the Gap in Africa
Neon Rock explained how Peso Basis aimed to simplify holding and transacting wealth for Africans using Celo. Their approach focused on addressing the gap between the blockchain and the real world that users are accustomed to. Peso Basis provides a simple app for balance holding, sending, and requesting money. They have seen significant interest from users and have integrated with local mobile money services like MTN to facilitate transactions. Their goal is to provide users with better options for storing and transmitting value.
Future Developments
Both Velora and Peso Basis have exciting plans for future developments in their consumer wallets.
- Velora aims to enhance savings features, introduce additional stable coins like Celo Euro, personalize the user experience, and improve crypto-to-fiat on/off ramps in key markets.
- Peso Basis plans to expand its financial product offerings and continue integrating with local payment platforms and services to provide users with more options for transactions.
Conclusion
The panel discussion on innovating consumer wallets provided valuable insights into the positive impact of Velora and Peso Basis. Both wallets aim to simplify financial transactions and empower users with access to crypto and financial tools. The findings from user surveys and market research have guided their future development plans to meet the evolving needs of their users.