Cryptocurrencies and blockchain can change our life, including how we buy things, how we subscribe to a service or business that we like, and this, from my perspective, is what WisePass wanted to do. Of course, concluding what WisePass is only in one sentence kinda seems to simplify everything too much, so let's take a deeper look at WisePass.
What is WisePass?
According to their whitepaper, WisePass is a lifestyle platform. It connects its members (or subscribers of WisePass) and its partners. What kind of connection that we talk about here? There's a lot of things, but we can say that it is a special privilege that only applies to their members.
For example, WisePass members can get free drinks, free lunch, buy wine or alcohol from WisePass partners, including but not limited to five-star restaurants, bars, hotels and etc. From the way I see it if you like to have some privilege across many services providers (that is hotels, bars, and etc), subscribing to WisePass will surely decrease the hassle to subscribe to each platform. You'll only need to join at WisePass, and they'll, in turn, connect you to many services provided by their partners with the fee ranging from $265 to %700.
Originally founded in 2016, WisePass has a tremendous growth. They've been operating in 4 cities, having 50% revenue growth, and raised around $400,000 from a lot of investors, led by Expara.
And here comes the most important question, does WisePass + blockchain + crypto a great thing?
Moving to Cryptocurrency
Currently, WisePass use fiat as the main currency on their platform. What makes them think crypto is a good choice for their future business?
According to their whitepaper, WisePass wanted to be the first crypto platform that connects cryptocurrencies with services and tangible products that we can use or consume every day. However, the main target, in my opinion, is that they wanted to expand their business as fast as possible.
Cryptocurrencies offer a lot of benefits that fiat doesn't have. By moving to cryptocurrencies, theoretically, WisePass can expand their user base and services without borders. They can have users from other countries that don't have a credit card, having a hard time to subscribe to services that they like 'cause they don't have the necessary documents that are needed and so on. Because of this, I think adopting cryptocurrencies into their platform will bring benefits, both for WisePass, its partners and of course its users.
I believe I won't have to explain the power of blockchain. To put it simply, by moving to cryptocurrencies (and blockchain), WisePass will be more transparent to its users, the time that they needed for transactions will be much slower, and immutable. If users don't have PASS tokens, they can still opt to use fiat though. Its flexibility might also be a good thing, as it is possible that you don't have any PASS tokens in your wallet or you don't want to spend too much fee when the network is congested.
The Product
You'll find details about their product in the whitepaper on page 7. Their mobile apps will be updated in accordance with the roadmap, starting from phase 1 till phase 4. Using WisePass mobile app is quite simple, it has been explained properly too in the whitepaper. I've taken the screenshot of the app below. What do you think? Nice and simple isn't it?
WisePass apps will be able to connect to external APIs in phase 2. After that, they'll integrate PASS tokens to the payment systems and after this users will be able to use PASS tokens in WisePass. Personally, I expect this will be realized asap. But, you don't have to worry, because while the payment system is not yet integrated with the app, you can use PASS tokens to get free membership on WisePass (by keeping a certain amount of tokens on your wallet that is connected on your WisePass app).
Not only beneficial for their members, there are other stakeholders that will gain benefits by partnering with WisePass. After reading the whitepaper, I think there are two key benefits; their profits will be much higher and they can do marketing much more effective.
As stated on their whitepaper (page 9), WisePass won't take any commission fee. This means the money from members will go directly to WisePass partners. Compared to other apps such as TabbedOut, partners that use WisePass won't have to pay any additional fee, they will gain as much as they should be.
Not only that, they can also put advertising of their brands on the WisePass platform, this will increase their brand exposure to all WisePass users. Providers don't have to create a banner, stands, choose which place they want to advertise, 'cause WisePass will bring their brands directly to the user and eventually increase brand awareness.
What about the customer? Of course, there will be a lot of benefits to them!! You can get free drinks, wine, go to a 5-star hotel with ease even if you just arrived in a city for the first time, and more. You can get all of that just with a single app, WisePass.
Bottom Line
If you wanted to read more about WisePass, I highly recommend you to read the whitepaper. There are a lot of things that I can't cover in this article, but I will write more about WisePass when I have the time. If it is possible I'd write a deep analysis of their team, 'cause they are the one who will be responsible for the development of WisePass.
So, the bottom line from this article is: #WisePass might be worth it. They've working product and provably successful. Their adoption or progress to cryptocurrency and blockchain might be the start for a bigger success for WisePass, its partners and of course, the users.
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