/ Key word(s): Expansion
Maps.me to Launch Financial Services of the Future to Millions of Users
- Over 140,000 users have joined the waitlist for the launch of the Maps.me wallet
- Wallet will integrate access to payments, foreign exchange and passive income
ZUG, SWITZERLAND / ACCESSWIRE / March 23, 2021 / Maps.me today announced that it will add next-generation financial capabilities to its navigational services, aiming to enrich the lives of hundreds of millions of people around the world by providing them with an easier way to pay, transfer, earn passive income and invest. From generating attractive investment returns in a low-interest world to making instantaneous payments across 35 currencies, Maps.me 2.0 will integrate convenient financial services with the world's most popular off- line mapping platform.
"We're excited to be building a holistic travel and financial platform that will be a trusted companion to our highly-engaged community of users as they explore the world and go about their daily lives," said Alex Grebnev, Co-founder of Maps.me. "Maps.me has enhanced people's ability to navigate, wherever they are going. Now, the same platform will offer financial services that are cheap, secure and highly relevant to the needs of Maps.me users."
From maps to money
Maps.me is used to discover and navigate places - from the streets of Barcelona to the African savannah - and bookmark them for future use. The app's open-source technology provides greater agility and choice for users, fueling an ever-increasing network that has enriched Maps.me itself. Over the last nine years, the app has been downloaded 140 million times, with 60 million people using it to navigate 195 countries in 2020.
Pilots, magazine photographers, professional cyclists, aid workers and everyday travellers love using its turn-by-turn routing, travel guides, and detailed mapping - which are all available without using often- costly mobile data. Maps.me is particularly popular with millennials in Europe: roughly 60% of users from are from the region, and more than 70% are between the ages of 18 and 40.
A recent survey conducted by Maps.me indicated that roughly half of its users are interested in accessing financial services via the app. More than 140,000 users have already joined the waiting list for a digital wallet that will allow them to:
- Earn yields of as much as 8% on stored value;
- Make payments via a linked credit card; and
- Transfer money instantly to friends and family globally and in 35 different currencies
The value in Maps.me wallets is invested in AAA-rated assets and held in a Swiss trust structure that is administered by TMF Services, a regulated entity in Switzerland. TMF is the largest corporate service provider in the world, trusted by over 60% of Fortune Global 500 and FTSE 100 companies. Users enjoy this security as well as the convenience of accessing these services via a platform they know and love - all for zero or low fees.1
A new approach to finance
The financial services offered via Maps.me will draw on a new approach to financial services: decentralized finance. DeFi is a user-driven financial system that uses smart contracts to allow people and institutions to transact directly with each other, rather than via a large financial institution.
Unnecessary middlemen are eliminated, cutting costs, increasing speed and certainty.
Since its inception, Maps.me has been open and community-driven, with users contributing to its development using the OpenStreetMap Project. Maps.me users are a substantial part of the OSM contributor group. Maps.me 2.0 builds upon that same spirit and DeFi makes this possible by allowing many to connect with many.
The roll-out of these financial capabilities with Maps.me 2.0 follows the platform's acquisition last November by Daegu Limited, a member of the Parity.com Group.
The integration of financial services with the Maps.me platform is moving ahead quickly. Closed beta testing of the Maps.me wallet will be finalized in the next few weeks. Waitlisted users will start to be offered access to the wallet after the testing process is completed, followed by a broader launch in due course.
More about Maps.me
Maps.me is the world's leading off-line mapping application for travelers. Launched in 2012 it has been downloaded more than 140 million times. More than 60 million users worldwide were active in 2020 planning and navigating their excursions in 195 countries. Maps.me users can download maps for their intended travels and then access their maps without the need for expensive roaming connectivity. An open-source advocate, Maps.me users are a primary contributor to the OpenStreetMapping Project globally. Beginning in 2021, the app will integrate payment, currency exchange and passive income services in 35 currencies to further enable explorers worldwide.
24.03.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.