LiteLink Technologies Inc’s (CSE:LLT) (OTCPK:LLNKF) subsidiary uBUCK Technologies released some exciting news Thursday that will give the digital payments platform an edge on the competition.
The company announced that it has signed a strategic alliance agreement with Deltec Bank & Trust, a diversified independent financial institution that is based in The Bahamas. Deltec, which offers its global clients a range of private banking and fiduciary expertise, digital asset financial services, fund administration, investment management, insurance solutions, and corporate and merchant banking capabilities, will provide uBUCK with a large network of financial service providers across the world.
The strategic commercial relationship will see Deltec provide prepaid debit cards to its existing bank and wealth management clients; market and integrate the uBUCK prepaid debit card into the Deltec digital wallet and to regional private bank networks in Asia, the Caribbean, South America, and Europe; and create dedicated white label card programs to their existing digital asset exchange clients.
“We are very excited to enter into a strategic partnership with Deltec, a highly regarded financial institution with a range of private banking and fiduciary expertise,” said uBUCK CEO James Youn. “This partnership opens up uBUCK to a large network of financial services providers across the globe.”
The Rise of the Prepaid Cards Market
Digital wallets and prepaid cards are becoming commonplace and completely disrupting traditional banking as we know it. Prepaid cards, in particular, are gaining a lot of traction in the United States.
In fact, the US prepaid card market is expected to reach an impressive $877 billion USD by next year and is being fueled by increasing demand for convenience and security, as well as the growing unbanked and underbanked population.
At present, 25% of US households are either unbanked or underbanked, meaning they have limited access to traditional banking services that so many of us take for granted. The main reason for this is because many don’t have the funds to keep in an account, while others either don’t trust banks or live in rural areas that don’t offer many options. Some of the other reasons for this growing demographic include being blacklisted by major banks, being a young consumer, and being fed up with fees.
Regardless of the reason, it is obvious that this group is in need of some support from the fintech world.
LiteLink Technologies Inc. built the uBUCK Pay app with this demographic in mind, and now, thanks to this deal with Deltec, the company can expand its reach and serve a larger group of unbanked individuals across the globe.
By providing these individuals with access to a digital wallet and prepaid, reloadable debit cards, uBUCK can offer them a fast and simple way to pay their bills, make payments, and withdraw funds from an ATM just like everyone else.
The uBUCK Pay app also comes equipped with enticing features, including record-breaking transaction speed and a loyalty and rewards program, thanks to a number of strategic deals over the last year. It wouldn’t be a surprise to see more deals coming down the pipeline after a recently announced non-brokered private placement for up to $4 million USD in proceeds.
Once the investment is complete, LiteLink and uBUCK will gain access to additional capital that will help them further develop uBUCK, accelerate growth, and increase its customer acquisitions.
Featured Image: LiteLink Technologies