Asia’s Remittance Market Discovers New Border-less Mode of Payment
Bitcoin’s border-less functionality proves helpful for Asia’s remittance market.
With our world’s growing usage of digital currency the border-less functionality of digital money like Bitcoin, the world’s most popular cryptocurrency, can offer savings for those wanting to send remittance payments across the boarders from one country to another.
More and more companies are adopting what seems to be a big favor to the people even if it means drastic changes of going virtual.
Most companies do not deal directly with their customers like Bloom, Payphil, and Rebit in the Philippines. Instead these companies are proving the possibility of offering Bitcoin-based, global remittance payment service to more people.
George Harrap, told Reuters:
“Bitcoin is so much better as a mechanism to send money around the world. There’s a lot less overhead that you need to do.”
Cryptocurrencies offers remittances to be received as cash in less than an hour rather than days and saving profoundly more on fees associated with existing remittance services like Western Union which can slash out as much as 75% of costs.
You can just imagine the excitement this must stir to families who’s relying on overseas support. One overseas working from the Philippines shared that she saved humongous amounts of cash using Rebit.
Kate Corporal, a Filipino overseas working in Korea, shared:
“One thing I can guarantee is that the money I intended to send and the money that my family received was exactly the same… Using bitcoin is really helpful for many Filipinos… as every single cent that we send can be very significant.”
However, every heartwarming fairytale has its share of challenges. The barrier that these companies face are the presence of liquidity. By observing the volatility of digital coins, this makes it problematic for local cryptocurrency exchanges to adjust with the potential insistence for Bitcoin’s remittance payments.
They fear they might not be able to sustain the services with the demand if suddenly the entire market switched to the new existing exchange framework making it overwhelming.
Once cryptocurrencies mature, this may disturb traditional businesses’ regular operations.
Change and evolution is inevitable. This is the only constant thing that the world has witnessed over and over again.
We like to believe the crypto craze will only get better and better and the geniuses of this world will love to take on these challenges.
But, hey. We are making lives better. Aren’t we?