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AMA Highlights – MobiePay

By 26-Oct-2020 No Comments

AMA Highlights – MobiePay

By Daniel Dal Bello, Director.

October 22, 2020 – 7 min read.

On Thursday 15 October, we welcomed Brandon Burgason and Bradley Townsend from MobiePay into the Hillrise Capital Telegram chat for an AMA. Brandon is the current CEO and founder, and Bradley is Head of Partnerships.

Built using Stellar tech, MobiePay are creating a universal payment ecosystem built around a suite of mobile apps. Their three apps will target mainstream consumers, crypto-users, and merchants. With an experienced team and recently audited smart contracts, MobiePay is integrating with over 225,000 physical and online Point-of-Sale systems at top retailers and merchants worldwide.

In this post, we have compiled key questions and answers from our AMA event.

Daniel Dal Bello
Hi guys and welcome. Brad we have known you here for almost too long now and Brandon, welcome to the room! We’ve been following MobiePay for a long time, one of our first research reports covered this project in 2019.

As always it would be great to start with some introductions and background on how you are both here in your positions today.

Brandon Burgason
My name is Brandon Burgason and I am the Founder & CEO of Mobie. I have been building this project for 2 years with our team. I am a Serial Entrepreneur with extensive C-level experience in Oil & Gas, trading, FinTech,  and financial services.

Bradley Townsend
I have been working closely with Mobie for over a year heading up the Business Development side of the project and leading partnerships. My background is in growth and business development with an extensive business acumen, I have built an impressive network of both C-level executives and notable grass-roots thought leaders. I leverage these to strengthen the presence of new and running projects, supporting short term growth for sustainable long term development. Some of the latest projects I have advised are Ferrum, Orion, Geeq, and Gather Network.

I was introduced to Brandon mid-2019 via a mutual friend of ours, after digging into how much Brandon and the other C-levels had built, I wanted to get involved, later that year myself and Brandon met in person in Bali and I have been involved with Mobie ever since.

Ray Reijnders
Hi and thank you for joining us tonight! I’d like to jump right in and ask you about business. MobiePay is positioned within a very competitive market, we’ve seen many projects try and conquer blockchain-based payment and rewards systems – often it circles back to these companies having the technical firepower or not. Also hurdles with the business development side can stall things and momentum is lost – many use cases, few users.

How is MobiePay positioning itself and how do you realistically plan to foster usage and utility growth over time?

Daniel Dal Bello
I want to build on this too. You have on your website many potential use cases for your products and ways to use MBX. Lots of projects in this crypto-world propose dozens of theoretical use cases, but they don’t materialize. How will you approach this?

Brandon Burgason
Most of the projects are completely blockchain-based and can only capture a very small market share. With Mobie, we are focused on mainstream payment, crypto-enthusiasts, and merchants. In addition, we have significant revenue models and high level merchants partnerships built around our patent-pending tech that allows us to incentivize everyone – users and merchants alike.

Also, most projects are focused on one thing and rely on 1-3 revenues streams to operation. We have a total of 9 within our ecosystem.

Bradley Townsend
With Merchants already within the Mobie ecosystem the utility of MBX as a rewards token is already in play. MBX will also be the pillar that all transactions will pass through for settlements in fiat and crypto, as well as our in-app currency exchange. One big thing a lot of projects fail to do is capture more than the existing niche market, they focus a lot on capturing and building for people familiar with crypto and don’t bridge the gap between mainstream and existing crypto/blockchain users.

“One big thing a lot of projects fail to do is capture more than the existing niche market, they focus a lot on capturing and building for people familiar with crypto and don’t bridge the gap between mainstream and existing crypto/blockchain users.”

We already have 350 large retailers in the US alone with over 225,000 physical and online locations. This enables us to foster a lot of usage that a lot of other “crypto” payment solutions don’t currently enable especially in locations like the US.

Daniel Dal Bello
Something that made me step back and be quite doubtful when first reading about MobiePay was the merchant point-of-sale (‘POS’) integration numbers. We throw around the integration with 225,000 physical and online POS systems at “top retailers”.

We understand lots of this can be under NDA or otherwise confidential, but we need more information. I haven’t seen any update or further information talking about these partners and to be honest, without more context and detail, it’s hard for me to give this number a whole lot of punch.

Who are these retailers and what are the details of the integration?

Bradley Townsend
In regards to retailers, we will be officially announcing our roll-out of retailers is stages as we further expand Mobie. At this time and as you are aware there are some strict NDAs in place about what we can and cant say at this time. This roll-out with list retailers and what stage the roll-out is at.

Daniel Dal Bello
I think when first taking a look at MobiePay the website and product suite can be generally confusing until you dig deeper. Can you give us a simplified explanation of your three core products and how the MBX token has a role within them? You mentioned targeting different groups from mainstream consumers and merchants through to crypto-enthusiasts.

Brandon Burgason
MobiePay is the merchant gateway and EPOS. We don’t believe in merchant hardware. Merchants will be able to install the EPOS on a mobile device like a phone or tablet. MBX is the core that facilitates a lot of the functions within the ecosystem. It facilitates remittance for cross-border exchange, payments functions, and a rewards element. It has many different utilities and we chose Stellar for cost and speed. Also, Stellar connects to ‘Fiat Anchors’ globally.

Bradley Townsend
Mobie is the mainstream consumer banking application, Mobie will have in-app account tracking, invoicing, payments and account management. The will be more integrations along the way that we don’t want to speak on just yet. Mobie X is the digital asset and exchange, where users will be able to have a currency exchange at their finger’s tips allowing them to convert fiat and/or crypto into the asset of their choosing, at a much lower rate than traditional methods.

Justin Freeman
Hi guys, so Mobie Pay will primarily be launched in the US? What other countries are you in or hoping to expand into?

Brandon Burgason
Yes, we will be opening in the US as it’s the largest market, then we plan on Canada, LATAM, Europe and Asia. Everything is completely built and we are just finalized our US banking integration and retailer integration. We are currently going through testing and expect to publicly launch early 2021. We have been building a lot and we are launching our new merchant portal that will be live at the end of the month. Our mobile app is in final phases of testing as well.

We are focused on getting it right and taking our time. Building a complete system with a bunch of great features is key. Slow and steady wins the race.

Bradley Townsend
With different jurisdictions comes different laws and compliance we must abide by, so the global roll-out will be over time with the largest markets in the front. The perks of rolling out in the US first is that they are the strictest and this enables us to have relative ease of compliance in our expansion through different jurisdictions in the future.

Daniel Dal Bello
I’d like to talk in a bit more detail about the token, MBX is your “universal payments and rewards token that you accrue every time you perform actions using the Mobie ecosystem of products”. Can we talk broadly about the utility, use, how it is involved in each aspect of the ecosystem that we just highlighted?

Do you actually accrue MBX for each action you perform with Mobie products? Where do those tokens come from?

Bradley Townsend
We have a reward pool within our token economy, it’s used for a lot of different functions within the ecosystem, but no, you do not accrue it for every use. But you can stake it for higher rewards within the rewards ecosystem on Mobie.

As for speaking more broadly on utility, the utility remains a lot within the anchors connected to fiat, Mobie must match the amount of fiat being transacted cross border to enable settlements in real time in different jurisdictions. MBX is used to collateralize the exchange between crypto-assets and fiat or vice versa to enable payments with any of the products, e.g. currency exchange, real world payments, and global payroll.

Ray Reijnders
You are building MobiePay on Stellar infrastructure, is there a specific reason why you have chosen Stellar over any other payments-focused blockchains, or even developing your own in-house network?

Brandon Burgason
Yes, there are many reasons for using Stellar.

1. Speed: Transactions settle in 2-5 seconds.
2. Cost: 100,000 transactions cost $0.01 USD.
3. Exchange: They have a built in distributed decentralized exchange.
4. Anchors: The Stellar Anchors connect to legacy banking rails enabling a bridge.

Bradley Townsend
This is why we specifically built on Stellar. They connect to global banks or fiat anchors that will provide on/off ramps for fiat.

Daniel Dal Bello
On costs, will you subsidize transactions costs for end users if they are so cheap?

Brandon Burgason
Absolutely, we make money from the retailers and other methods. Our competitors need to charge fees or 3-5% on spreads to make a profit. That is not a sustainable business model.

Daniel Dal Bello
How much money have you raised through your sales? Your team is quite big!

Brandon Burgason
We have raised 2.75M to date. Most of the team has a vested interested in the company and truly believes in the vision. What we have built costs other companies 5-10M plus.

Daniel Dal Bello
What will be your market capitalization at launch? This is something that is now front of mind in almost every new token that hits the market. Can you talk about exchanges and the timeline for trading?

Bradley Townsend
$500,000 USD.

Daniel Dal Bello
Thanks for the detail and we really hope to hear more about the retailers and patents soon. Thanks again.

Brandon Burgason
Thanks for having us guys! Really appreciated the questions and all your support is much appreciated.

The text in this summary has been adapted to correct grammatical errors and for presentation purposes. We thank our guests Brandon and Bradley for joining us for this AMA. For more information on MobiePay, visit https://mobiepay.io.