Companies and services using Bitcoin are poised to rise to the top of the US to Mexico remittance industry, Mexico’s second largest industry. Many experts stated in an interview with cointelegraph that the market has huge potential to make cross-border money transfers simpler and cheaper which will save millions of dollars for Mexican people and the Economy .
The remittance corridor between the usa and Mexico is currently the biggest and most competitive in the world attracting more and more remittance providers every year. Remittances sent to Mexico from the United States by emigrants totaled $20.69 billion in the first 10 months of 2015. Immigrants traditionally use transfer services like Western Union , which can cost almost 7% of the transfer amount. Utilizing BitcoinCT r: 7 instead can significantly cut down on transaction costs.
Susanne Tarkowski Tempelhof , founder and CEO of Bitnation , sees promise in the future of Bitcoin remittance services: “I believe it will be the end of the remittance industry as we know it. Old companies like Western Union won’t be competitive. Perhaps new ones will emerge like we’ve seen in some countries in Sub-Saharan Africa and South-East Asia , where they’ve [sic] themed up with mobile phone operators, so the remittance recipient can get cash in the local currency at local mobile shops or top-up stations.” Problems
José Rodríguez, VP of payments for Mexican Bitcoin exchange Bitso , sees potential in the Bitcoin remittance market, with the biggest obstacle to growth being education , information, and having user-friendly applications: “We have participated in events hosted by Banks or financial institutions, and spoken with their teams and heads, and there is interest and will to learn more. Companies like [remote bill-paying service] Saldo do, and are very active on education and customer acquisition. On our side […]
