Wellfield Technologies Inc. (WFLD.V) Offers Bang for Your Buck, Introduces Balance Incentive Plan

*Originally published February 8, 2022

$181.018M Market Capitalization

Wellfield Technologies Inc. (WFLD.V) announced today that it has introduced a cash balance incentive feature to MoneyClip, a digital wallet enabling users to send and receive money. This represents the first milestone along the Company’s roadmap designed to transform MoneyClip, Wellfield’s wholly-owned subsidiary, into a full-service financial application providing the best-in-class user experience.

“Our vision for MoneyClip is to build it into the ultimate everyday financial application powered by blockchain, with a consistent focus on delivering value for users. Part of the promise of DeFi is that it can offer consumers the same products and services they are used to in the world of traditional finance, but with a better user experience,” commented Chanan Steinhart, Founder of MoneyClip and Chief Strategy and Business Development Officer of Wellfield.

What Is MoneyClip?

As previously mentioned, MoneyClip is a digital wallet allowing users to send and receive money. More specifically, MoneyClip links your bank account to the blockchain and gives you regulated access to decentralized finance (DeFi) solutions. This includes savings, borrowing, and merchant solutions, all under one roof, for every financial product on the Ethereum (ETH) blockchain ecosystem.

I am out of my element here so bear with me as I break down DeFi for my own understanding. From what my boomer brain can understand, DeFi refers to an open global financial system intended to provide an alternative to current financial systems. Opposed to a singular system, “DeFi” is an umbrella term used to encapsulate financial products and services that are accessible to anyone on the ETH blockchain.

Given the absurd value of cryptocurrency in the last couple of years, I can see why DeFi businesses would be booming. After all, DeFi markets are always open and there are no centralized authorities to block payments or prevent user access. Furthermore, DeFi services are handled by code, automating functionalities and limiting the margin for human error.

With this in mind, MoneyClip is a peer-to-peer and social payments application offering a variety of features including:

send a receive digital cash
earn cashback on your holdings (Limited-Time Promotion)
split bills
buy and sell online or in-person
withdraw balance at any time to a bank account
zero account fees (Amen)

All in all, MoneyClip was built for Canadians, adherent with local regulations, and is powered by blockchain and DeFi infrastructure to give users control and flexibility over their money. Currently, MoneyClip is offering a cashback on holdings promotion whereby users can earn up to $21.00 per month on a qualifying balance. Keep in mind, cashback is earned on a balance of between $100 and $3,500. Damn, looks like I wouldn’t qualify.

“The addition of a balance incentive feature to MoneyClip is the first milestone in our journey to build MoneyClip into an application that works for the way people live – offering easy access and control over their money, and paying them while they wait. This is also expected to support our efforts to grow MoneyClip’s user base as we launch awareness programs through 2022 and introduce new features,” continued Chanan Steinhart.

This promotion is only available to Canadian residents and will run from February 1, 2022, until June 30, 2022, at 11:59 PM EST. Any cashback credit accrued will be deposited into users’ MoneyClip wallet on the first day of the following month, with the last cashback credit being July 1, 2022.

I’ll be honest, I don’t trust having my money digitized. I can barely stomach online banking, let alone a digital wallet on the ETH blockchain. With this in mind, what is MoneyClip doing to ensure that a user’s data and funds are secure? According to MoneyClip, money is encrypted and stored inside a user’s phone’s native keychain, not on the cloud.

Moreover, payments are verified and secured by the blockchain. Forged through rigorous testing and Wellfield’s experience, MoneyClip appears to be a reliable digital wallet. Will I be investing in digital wallets anytime soon? Probably not. However, with a growing number of basement dwellers fueling the crypto economy, it’s only a matter of time before digital wallets overcome traditional financial services.

Keep in mind, Wellfield is positioned in the Mobile Wallet Market, which was estimated to amass returns worth nearly USD$101.2 billion in 2020. In the future, this market is expected to register profits of approximately USD$750.3 billion by 2028, expanding at a compound annual growth rate (CAGR) of 21% during the forecast period of 2021 to 2028. For a closer look at Wellfield, check out this article!

Wellfield’s share price opened at $1.88, up from a previous close of $1.80. The Company’s shares are down -1.67% and were trading at $1.77 as of 12:49 PM EST.

Full Disclosure: Wellfield Technologies Inc. (WFLD.V) is a marketing client of Equity Guru.