There is huge potential in the $436 billion global remittance market for Bitcoin companies as the traditional payment methods are not just expensive but time consuming as well. Additionally, a lot of people who depend on the traditional international payment transfers don’t even have banking facilities, for such people Bitcoin can be extremely suitable solution.
Understanding the scope and potential available in the remittance market, ASX-listed Bitcoin trading company Digital CC has moved to expand into it. The company says that global remittance market has been abandoned by the banks; however, after the development of a peer-to-peer transacting technology allows remittance payments to be made via a mobile app.
Though banks have not been able to reach to the unbanked population in Africa, Latin America, India, etc. mobile phones have, Digital CC wants to reach to these people. The company has brought in the new system, called AirPocket that has been designed to use Bitcoin’s Blockchain technology, an open ledger of irreversible transactions.
Digital CC says that Blockchain technology allows users send money to people in another country and that too with a fraction of the charges that are otherwise imposed on the customers by the traditional payment processing companies like PayPal, Western Union, etc. With cheap and fast international payment processing, Bitcoin is an ideal solution.
Nonetheless, the company’s founder and CEO, Perth rich-lister Zhenya Tsvetnenko, is also of opinion that the idea was to disrupt the global remittance players like Western Union, MoneyGram, in the same way that companies like Airbnb and Uber had shaken up hotels and taxi operators.
Complete Security While Transactions Take Place
He further admits that this is designed so that anyone can start their own business. For instance, like anyone with a car can become an Uber driver, this will allow anyone with a Smartphone to become an AirAgent and begin distributing cash to those receiving remittance from overseas.
The company informs that AirPocket uses a mapping interface, not dissimilar to locating an Uber driver. This according to the company sources will find an agent in another country, who is happy to receive the cash transaction and pass on the money to the recipient.
Nonetheless, the application will send the money from one party to the other, recording the transaction in the Blockchain, so anyone can see who sent the money to whom.
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