P2P Currency Exchange
Fear not, jet-setter – your currency exchange woes are now a thing of the past.
Similarly to what innovators like Uber have done, we’re using geolocation to create a peer-to-peer marketplace for safely and securely changing out your dough no matter where you are.
Never go to a currency exchange outlet again; join the uChange revolution instead!
Traveling can be one of life’s great pleasures – but it certainly isn’t exempt from frustrating moments. Whether you’re a vacationer conquering a new corner of the globe or an executive making an international sales call, travel-related issues have the potential to arise every step of the way. From long airport lines, to lost luggage, to hotel nightmares, even the highest of high rollers aren’t immune to encountering a travel mishap.
One especially frustrating stressor – currency exchange – tops the list for many individuals.
This issue is magnified even more in places where very few options exist, like airports and tourist attractions. And, it certainly doesn’t help that most of us are not readily aware of current exchange rates.
With the number of international travelers exceeding 1 billion – and travel expenses going down across the board – there’s an obvious opportunity for an innovative solution that makes currency exchange cheaper and more convenient. The global retail currency exchange market currently sits at $296 billion. The soaring popularity of peer-to-peer services (like Uber and Airbnb) opens the door for what could be a very prosperous business model for these services.
We can’t make that guy next to you stop snoring…but we can definitely keep your wallet full.
uChange is an Android and iPhone geolocation-powered app that intends to replace the current antiquated, price-gouging retail currency exchange methods. Our solution allows international travelers to bypass these banks and exchange kiosks and trade out their cash at true exchange rates – without paying excess fees or margins. uChange’s benefits are as real and tangible as they come – saving our users money on the spot.
This great opportunity lies at the convergence of three red-hot business trends: the booming retail currency market, increasing worldwide travel, and the surging world of P2P (peer-to-peer). The latter of these is where uChange’s true value is realized. As companies like Uber , Lyft, and Airbnb have already realized, incredible results can be attained with business models that bypass the pricey and inconvenient status quo and utilize everyday consumers’ resources. Our industry-disrupting solution gets the proper currency in your hands immediately, conveniently – and saves you a bundle in the process.
Much like a bar-hopper looking for a nearby ride, our currency app works much like Uber does – utilizing geolocation to open the doors for P2P exchange. This groundbreaking technology is altering the way business is done in various industries, and is finally making its way over to retail currency exchange.
Here’s a glimpse at the simple three-step process that gets the job done for our users:
Users post the precise currency amount they need, or explore our Open Market for currency offers and requests in their vicinity. With real time exchange rates that constantly update, our app keeps users on top of the exact real rate.
We link you up with the best matches – both in terms of location and currency needs. uChange only matches users with others near them for in-person transfer; digital exchanges will be added in the near future.
Chat with your match, set a safe and convenient exchange location, and get the cash you need with no waiting. Security is absolutely crucial for us, and for our users. We ensure optimized security in the following ways:
- Forcing phone-based registration so identity can be tracked;
- Manually reviewing each application to verify identity;
- User Ratings and Reviews – including Exchange History
- User Profile links to Social Media for quick ID lookup
The potential ancillary benefits that uChange offers to other businesses is so important that it bears repeating. The use of our platform brings value to two different types of businesses. For retail businesses, offering their location as the exchange point (done in app) brings increased traffic and in-app advertising opportunities; Existing exchange outlets increase supply and demand by posting exchange offerings on our Open Market and pay us for the privilege.
A very exciting time is upon us at uChange. During the past year, we successfully raised sufficient funds for MVP development. Now, with an active web landing page and the app’s beta version designed and ready, we’re approaching full platform launch locally here in Tel Aviv. This fully-tested, consumer-ready version of uChange will go live in March. We’ve already established a retail partnership with a duty-free shop in Ben Gurion Airport, the largest international airport in Israel.
While our current focus is heavily on our upcoming launch, we haven’t forgotten about keeping the train moving afterwards. A central element of our detailed future development plan is digital currency transfer. After a significant user level is reached (100,000-150,000), we will move forward with integrating this feature – which will allow currencies to be exchanged instantly amongst users via money wires and bank account transfers. This breakthrough will truly allow us to surge ahead as the world’s one-stop shop for P2P currency exchange and will allow for a secure means of increasing our revenues and profits.
Further plans for the upcoming year have been broken down into three phases, outlined below:
The uChange idea was initially sparked in – not surprisingly – an airport. With our Founder standing in line (for 25 minutes) at a JFK currency exchange center, he sparked up a conversation with a fellow exchanger who was in a serious hurry. Instead of waiting another half hour, the two individuals quickly found out they had the currency the other person needed, made the exchange, and were on their way. Our Founder (AND his trading partner) exited the line $110 richer due to getting the true exchange rate – which he wouldn’t have gotten at the exchange center. He also saved himself approximately 15 more annoying minutes on queue. Shifting this convenient process onto a mobile P2P app then became the clear vision for the uChange team.
Our founding visionary has brought local and international business concepts to fruition over the past 12 years. Avi is particularly skilled at resource allocation and team building, hiring the R&D team that developed the BST Wound Treatment Device. He also has experience in the nonprofit sector, having established Youth Center in Jerusalem which has served 250+ teenagers to date. As our CEO, Avi oversees all business operations and manages financials, HR, and technical resources. As COO, he oversees customer service and manages/evaluates app performance.
Our Project Manager, Bini, is a gifted tech wizard and our CEO’s right-hand man. Largely self-taught, he has become an expert in many programming languages over the past decade – including MySQL, IOS, Android, CSS, Swift, and C++. He oversees all aspects of app development and manages our 10-person development team in India.