HI is leveraging blockchain technology to build services that are not-for-profit and community powered. Their members are the key stakeholders of the hi ecosystem and they are committed to maximizing membership value. HI pilot service is the development of the world’s first universal cross-ecosystem mobile payment and financial services platform. In the current financial system, the people with less money pay more for financial services. Hard-earned income is eroded by fees – from remittances and wire costs to overdraft and ATM charges – while payday loans and finance charges are usurious.
The development of the internet, mobile data services and payment systems such as Paypal, Alipay, Venmo, WeChat Pay, KakaoPay, and Line Pay has opened economic empowerment by enabling more people to access the financial ecosystem, including via peer-to-peer transactions on a B2B, B2C and C2C basis. However, the desire for some of the companies behind these services to become globally or regionally dominant has led to the creation of multiple (largely) closed-loop systems that cater to a subset of the world population.
They believe that global, open, instant, and low/no cost movement of money will create immense economic opportunity. That everyone has a right to access financial services and to control their money. That the financial services infrastructure should be designed and governed as a public good and advance financial inclusion.
HI is a mobile service designed to be interoperable across all existing internet players and strives to become the catalyst for global financial inclusion. Best of all, there is no new mobile app to download to get started.