LaLa World: Innovating The Financial Ecosystem
Technology is advancing at a rapid pace, customer expectations are evolving, and changes in regulatory landscapes have opened doors to innovation in financial services. From crypto-currencies to P2P lending, fintech corporations have captured the interests and imagination of both customers and investors alike.
LaLa World has come up with a new financial ecosystem, created largely for the massive underbanked section of the society, by making use of the now popular Blockchain technology to bridge the gap between fiat and non-fiat currencies. LaLa wants to be a pioneer in helping investors to capitalize on this technology with its one-stop wallet service, while helping the underbanked in their way to financial sustenance. By creating a fresh P2P ecosystem, LaLa will change the way small businesses, startups and entrepreneurs interact with payments. Besides this, LaLa offers borrowing-lending facilities, insurance, cross-border remittances, and general banking. The use of Blockchain is an attempt to ensure decentralization, transparency, assurance and enforcement when it comes to payments. In the current scenario, convenience in payments has been achieved with systems like CHIPS, SWIFT, Wave, etc. But, the maintenance and record keepings are almost always regulated by some central authority, which leads to inefficiencies, huge transaction costs, credit risks, wasted time and money, and contractual issues between parties.
LaLa Wallet is a game changer, creating a single access point to all its services, holding multiple currencies (crypto as well as fiat), while providing a host of financial services at your fingertips. This enables users to make transactions based on blockchain through their smartphone and a physical debit/credit card. As the transaction are conducted in real-time, and barely take any time, there is no requirement to convert crypto money into fiat money well in advance, or vice-versa, until an actual transaction happens. The user also gets the facility to convert their crypto assets into any of the multiple currencies made available through an in-built exchange mechanism. The user can transfer them to other Wallets without incurring any additional transaction costs and even earn Payback rewards, which are massive, and thus make the transaction costs almost nil.
Another facility which is a part of the LaLa World experience, is the LaLa card. The user can choose to order one directly linked to his Wallet. For security purposes, the card can be locked and unlocked through the mobile app. The card can be made available to use for the family members by syncing them all to the same wallet, making the system widely accessible yet more secure than traditional systems.
Blockchain technology has huge potential to revolutionize economies by creating a trustworthy infrastructure with transparency. This will eradicate the necessity of the financial gatekeepers who ask for exorbitant charges to maintain transaction toll-gates. Cryptocurrencies are better than old style currency and their underlying technology makes them invulnerable and protected through blockchain algorithms.
LaLa’s ambition lies in empowering the underbanked and unprivileged with advanced technologies and providing financial services without the involvement of a third party/intermediary. Transparency and public auditability are key principles to its implementation. The complete business model of the organization is based on these principles. After analysis of various platforms, it was best to depend on blockchain since the technology provides for the possibility of maximum trust, by deploying contracts directly on the blockchain technology platform, so that rules are treated and executed right and value can be exchanged directly. In a world where fiat still unnecessarily leads cryptocurrency, LaLa World would help bridge this gap by making cryptocurrency seamless.
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