Bitcoin payments firm digitalBTC has developed a P2P transacting technology called AirPocket using Bitcoin’s blockchain technology.
With this launch of the mobile app, the digital currency company aims to take on the leading global remittance players such as Western Union, Paypal and MoneyGram head on. Company’s founder and CEO Zhenya Tsyetnenko said,
“This is designed so that anyone can start their own business. 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.”
Bitcoin’s underlying technology blockchain – a public ledger of all the transactions in the Bitcoin network – facilitates international remittances at near-zero costs. The complete digital currency transaction process is also incredibly faster than that of the industry incumbents.
digitalBTC, which is listed on the Australian Securities Exchange ASX as Digital CC, has created a mapping interface for the AirPocket app that locates an agent in another country, who acts as an intermediary and passes on the money to the recipient. All the transactions will be recorded in the blockchain, ensuring that the fund flow remains traceable.
An encrypted code or key is developed when the intermediary receives the payment. The code is then passed on to the recipient who will have to validate it with the agent in order to receive the payment.
Digital CC expects to begin the beta testing between the United States and Mexico soon.
Cost effective?
A transaction fee of around 3% would be levied on the sender, from which the intermediary and Digital CC would receive 1 percent each.
Growth
Sounding optimistic on growth prospects, Mr Zhenya says that, “Remittance has generally been a community-based transaction, where banked communities have one central spot where people can collect money. Those who are in telephone contact with members providing remittance will be able to get their code. As connectivity spreads, we’re hoping to allow people with smartphones to become that central remittance point since the banks aren’t there anymore.“
With this launch of the mobile app, the digital currency company aims to take on the leading global remittance players such as Western Union , Paypal and MoneyGram head on. Company’s founder and CEO Zhenya Tsyetnenko said,
“ This is designed so that anyone can start their own business. Like anyone with a car can become an Uber driver, this […]
