In a press release, MarilynJean Media Interactive or MJMI has announced that its plans to enter the multi-billion dollar remittance market using Bitcoin to effect transfers. When every second international transaction services providing company is trying to use Bitcoin for it is safe and secure as well as cost-effective solution, MJMI could not have waited for long.
There is huge market out there for remittance services as according to the World Bank data it is $580 Billion in value in 2014. The same agency says that it is expected to exceed $608 Billion in 2015. The World Bank estimates transaction fees to average 7.99% of money sent, making for a staggering $50 Billion in potential fees for participants in this year’s remittance business.
Every second company is trying to cash in on the potential available in remittance market; in such a situation, MJMI has too decided to enter; however, it has some revolutionary designs. For instance, it is going to use Bitcoin for remittances which are not just cheap and fast but completely safe and transparent for the senders and receivers.
MJMI Exploring Partnering Opportunities with Bitcoin Exchanges
The press release informs that MJMI is currently exploring partnering with several existing Bitcoin exchanges as well as manufacturers and operators of Bitcoin ATMs so that it can move ahead with the decision. The company believes that such a combination would place it in an exciting position to offer an end to end solution.
Additionally, if it is able to partner with a Bitcoin exchange that will help it potentially capture a share of this lucrative market just as it is poised to undergo a massive shift into the digital realm. Nonetheless, even Peter Janosi, MJMI’s president believes that though there is huge potential partnering with a reliable Bitcoin exchange will help them to great extent.
He was quoted saying that with legacy remittance companies and traditional banks continuing to charge high fees while hiding other fees via poor exchange rates, it’s hard to see a future where they will continue to be relevant. Thus, it appears crystal clear that he sees huge potential in Bitcoin and that is why his company willing to enter remittance market.
Bitcoin has emerged as a right option for a lot of people who want to save cost while transferring their money from advanced countries where they work to the developing nations. However, a major issue is of infrastructure that must be addressed before things go alright.
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