Business Situation and Requirements
The Venezuelan market is known for many legal restrictions, complex multi-layered exchange systems offering unstable exchange rates depending on the people’s needs on purpose. The Venezuelan government provides limited transparency for the conduct of exchange to its citizens. The strict currency restrictions have driven much of Venezuela’s exchange activity to the black market, subsequently increasing the risk of fraudulent transactions.
Mercadolar intended to build a regulatory-compliant, safe exchange program allowing its users from Venezuela and beyond to trade currency. Along with this, they also wanted to provide a secure in-built digital wallet service for users to store multiple currencies, transfer funds, and request payments.
To bring their technological aspirations to life, MercaDolar partnered with Unthinkable following a rigorous screening of leading technology providers. It was our deep domain expertise that gave MercaDolar the confidence to entrust us with the development of their platform. Key hurdles tackled by our team included:
Secure, scalable web and mobile applications: Build a robust currency exchange platform with strong security and scalability.
User experience and interface design: Focus on intuitive UI/UX to make transactions seamless and user-friendly.
Compliance with fintech standards: Ensure adherence to PCI DSS and other relevant financial security regulations.
Digital wallet with advanced encryption: Implement a secure wallet to protect sensitive financial data.
Add and transfer funds: Allow users to add money from U.S. accounts and transfer funds to other mercaDolar users effortlessly.
Request payments functionality: Enable users to securely initiate and receive third-party payments through the platform.
