Banking On The Block
BitMinutes are a unique solution to address the special needs of the underbanked by combining tokenization technology and prepaid phone minutes (or “airtime”). BitMinutes are a global standard compatible with every major mobile phone carrier whose prepaid phone minutes are routinely transferred and traded between users within a single carrier. BitMinutes creates global interoperability between those carriers.
Much like Bakkt’s approach to monetization of loyalty and rewards, BitMinutes does the same by monetizing universal prepaid minutes for 4 billion people globally.
BitMinutes, as prepaid minutes, can be instantly converted to the ERC20 Token Standard, based on the Ethereum platform. These BitMinute utility tokens (BMT, or BMTs plural) combine blockchain and smart contract technologies into an architecture that, through third-party applications, offers guaranteed lending, free global value transfer and prepaid airtime top-ups. As an encrypted token exchangeable into prepaid minutes, BMTs can be used today by users of approximately 4 billion prepaid mobile phones in 130 countries and bank accounts in 70 countries. BMTs enable frictionless movement of money and minutes across global financial networks, mobile network carriers and emerging blockchains.
Smart Token Technology
BitMinutes are based on proprietary Smart Token technology designed to operate over traditional (SWIFT, Mastercard), DLT, and blockchain networks (Ethereum, Ripple). The BMTs issued to senders are customized with the sender’s unique identifier (UID) to prevent fraud and money laundering. Unique BMTs are issued and sent to the recipient’s mobile wallet in a text message, email and/or via smartphone app.
BMTs provide auditability and government monitoring. BitMinutes, when used in lending, transferred into cash or leveraged for prepaid airtime, meet and/or exceed international payment security and AML standards. Smart Tokens accomplish KYC requirements through an ISO 20022 standardized format of retrieving and storing identity information of financial transaction participants.
Based in ISO standards, BMTs have additional data fields to add biometric information and smart contract business logic. This allows BMT usage to be restricted based upon any number of variables, for example: country of redemption, the recipient’s carrier and/or the mWallet configuration.