Wallet for the unbanked

OmiseGO is an Ethereum-based, white-label digital wallet and payment platform developed by Omise, a fintech company operating across Asia. The platform is designed to support real-time peer-to-peer transactions and payment services at lower cost, allowing users to cash in and cash out without holding a bank account. According to company executives, the design targets financial inclusion by giving access to financial services regardless of a user's position in society, in contrast to the closed-loop wallets operated by telecom companies in markets such as Thailand.

The platform is described as comprising a decentralized exchange, a liquidity provider mechanism, a clearinghouse messaging network, and an asset-backed blockchain gateway, enabling decentralized exchange on a public blockchain with interoperability between different digital wallets and financial services. Stated use cases include payments (international remittances, peer-to-peer transfers, bill payments), loyalty and rewards programs (point management, trading and redemption, conversion of points to cash, gamification), and other financial services such as B2B payments, supply chain finance, loans and deposits. Company representatives described the architecture as providing a shared ledger while preserving privacy, so that participants can verify that events occurred without exposing customer data to one another.

Business model

OmiseGO is offered as a white-label platform that can be embedded in mainstream digital wallets and payment services and customized to a customer's specific requirements, positioned as an open-source platform built on the Ethereum public blockchain.