Bitcoin can play a major role in the world of remittance services, due to its instantaneous borderless transactions and very low transaction fees. Areas such as The Philippines have been reaping the reward of Bitcoin-based remittance services. And there is a new player on the market, as Zinger wants to use Bitcoin to become the world’s first instant remittance service.
The World of Remittance As We Know it
Sending funds to the other side of the world has never been easier in this day and age. Without services like Western Union, Xoom or MoneyGram, it would take weeks or even months to move funds from one country to another. Especially if the destination country was an unbanked or underbanked nation, such as African countries or even The Philippines.
However, all of these services have one major flaw, and that is the high fees associated with the current remittance model. Granted, there are operation costs, staff to hire and logistics to take into account for companies such as Western Union and MoneyGram but, when customers are forced to pay fees up to 50 EUR or more per transaction to send money overseas, things