Digitizing the 12 Trillion U$D Cash Economy
September 26, 2022
On the ground in Lebanon, Moataz and Bethany our two founders, are hard at work putting together all the requirements to launch Empowch into its next phase of growth.
Moataz has returned to his family home in the north of Lebanon where they have transformed the family home into a central operations’ for the upcoming launch. Hard at work with Moataz and Bethany, are Rami, Michael and Anis. This is a culmination of a dream Moataz and Bethany had, to solve the high costs of remittance to countries such as Lebanon.
Every surface is filled with paperwork, calculations, flow diagrams, financial models, contracts and more. This is nomad business at its finest. This is the true power of online remote work where location is a choice not a requirement and everyone is at equal distance.We have planned a small ceremony to mark the event at The American University of Technology in Akkar, and will share the exciting moment on social media in due course. Traditional Mediterranean food is served to sustain their brain and feed their drive.
From October 2022, Empowch will offer International remittance between the USA and 18 International countries*. We are busy working to increase this list of countries in the very very near future.
Empowcher’s will be able to add money to their mobile wallets via bank transfer, wire, ACH, C/card, D/card, Apple Pay and they can then carry stored value in their wallets between these international countries and can collect cash from any Moneygram location.
This is a very exciting development for those working in the GIG economy, like freelancers who prefer, or have to get paid in cash and who may not have traditional banking accounts. It is also a huge benefit to people who rely on cash remittance globally and we will offer free remittance up to 300.00 U$D, and thereafter only 1%. This compares to the almost 15% Moataz has to pay to send cash to his family and friends.
Although Empowch was conceptualized to solve the high cost and slow speed of international cash remittance, it is of course very useful for many other real world day-to-day situations. Tourism is a huge market where there is now no longer any need to carry physical forex for countries you will be traveling to. All you need is to take your phone with your Empowch wallet and if you need to pay someone in local currency in physical cash or you need local currency, this can be done through one of the 350 000 MoneyGram locations worldwide.
Our roll out of our International locations will take place in measured strides as we ensure full compliance with local and international regulations, and we ensure that the process is streamlined, easy to use and highly cost effective.
Download the app and join our new email list as we embark on the beginning of our international adventure.
*INTERNATIONAL COUNTRIES SUPPORTED SO FAR