When Robocoin invented the world’s first Bitcoin ATM In October 2013, the company believed that blockchain technology would transform the remittance market. To that end, today the company is introducing Romit: the cheapest and fastest money-transfer in the world. The new application can run on a smartphone, tablet, or PC, so that any web-enabled kiosk, ATM or cashier can offer KYC-compliant money transfer services.
How Romit Works for Customers
Romit enables unprecedented low-cost global money transfers by leveraging Bitcoin’s underlying blockchain technology, while also removing bitcoin from the customer experience. Here’s how a customer interacts with Romit-enabled devices: Step 1: enter recipient’s phone number. Step 2: select destination country. Step 3: insert cash into kiosk/ATM, or hand cash to cashier. Done. Romit sends a confirmation text to the recipient with the amount sent and nearest pickup location. Cash-to-bitcoin-to-cash settlement happens instantly, in the background – customers don’t create bitcoin wallets or speculate on Bitcoin prices.
Why Romit is Awesome
Romit’s fully automated cash-to-cash remittance solution circumvents Forex fees, wire transfer fees, and banking requirements by utilizing blockchain technology, thereby allowing money transfers far cheaper than incumbents Western Union and Moneygram. The most dramatic cost savings occur with micro-remittances under $200 dollars. At $20, for example, Romit charges $0.80 (4%) vs. Western Union $5.62 (28.10%) and MoneyGram $10.92 (54.59%)). Reducing money transfer costs lower the barriers to sending a micro-remittance and has the potential to increase the overall remittance market.
Romit for Businesses
Any business with web-enabled kiosks or cashiers can now offer their customers the best experience in remittance simply by creating a Romit Cashier Account. Romit also offers a full backend for Cashier’s to view transactions, users and reports, as well as hosted KYC. Romit goes live on Wednesday Apr. 22nd at kiosks in the U.S., Hong Kong, Romania, and Italy – 20 locations in all, in four countries that each represent well over $1B remittance markets. Romit is also engaging major convenience store networks, pawnshops, and even a state-owned bank, while targeting the Philippines, India, Mexico, and other remittance-heavy markets.
Business owners can learn more and sign up at http://romit.io/cashier .