BTCTN - 6/5/2019 12:12:06 AM - GMT (+0 )
On June 3, crypto startups Anypay and Cointext debuted a global remittance application for independent merchants. The new payment solution utilizes bitcoin cash (BCH) and allows anyone from anywhere to send funds faster and cheaper than traditional remittance platforms.
The value of remittances being sent overseas and across borders is greater than ever and Anypay.global has teamed up with Cointext.io to make cross-border payments easier. For less than a U.S. penny per transaction, bitcoin cash can be easily transferred across the globe in a permissionless manner. Both startups believe that cross-border, crypto remittance can be a thousand times cheaper than traditional banks, forex firms, and even alternative financial transfer operations. When Anypay and Cointext revealed the latest partnership and the launch of the new remittance platform, Cointext founder Vin Armani detailed how low cost, decentralized payment networks like bitcoin cash can transform the remittance industry.
“One of the most overlooked prerequisites for the spread of economic prosperity and individual sovereignty is capital mobility — So often, when we see communities lifted from poverty it is due to an influx of outside capital, making an investment or purchasing goods and services from productive individuals,” Armani told news.Bitcoin.com after the announcement. “Entrepreneurs who have brilliant solutions to pressing problems don’t just come from the developed world.” Armani added:
Connecting Cross-Border Payments to Friends and Family, No Matter the Distance
Enabling money to flow, from any human on the planet to any other human on the planet, instantly and at incredibly low cost, is the great promise of Bitcoin. Bitcoin Cash enables that promise to still be realized. I know that this remittance platform with Anypay and Cointext is just the first glimpse of what will become a global movement of individuals taking back their financial sovereignty and connecting a global community dedicated to increasing human flourishing.
Essentially Cointext users can send any amount of BCH to a mobile phone in 42 countries by text message. If an individual wants to utilize the Cointext and Anypay remittance solution, all they would have to do is visit an Anypay.global merchant and request a specific amount of cash. Then the merchant can generate an Anypay invoice which will contain a five-digit short code specifically designed for Cointext users. After that, when the shopkeeper’s invoice is paid by the person sending funds using Cointext, the vendor can hand the cash to the recipient. Anypay cofounder Steven Zeiler said that he was thrilled to launch an application that transcends borders for far less than what today’s remittance incumbents charge.
“Anypay connects friends and family no matter the distance,” said Zeiler. “Instantly receive money from anywhere for free — It’s easy.
BCH evangelist ‘Käptn Kook’ published a video that demonstrates just how easy the Cointext and Anypay.global remittance solution can be with a man named Mohammed Mustapha Yakubu who lives in Accra, Ghana. Mohammed’s brother Lamin resides in Heidelberg, Germany and Mohammed requested cash from a local vendor and relayed the shortcode to his brother on a phone call. Lamin simply paid the invoice using the Cointext shortcode and the merchant gave Mohammed the cash in just a few minutes. “What just happened here is Mohammed bought cash in Ghana and he did it by having his friend in Germany send cryptocurrency to the store,” remarked Anypay cofounder Derrick Freeman.
The Bitcoin Cash (BCH) community was pleased to hear about the partnership between Anypay and Cointext and the announcement was a top post on the Reddit forum r/btc. A report by the World Bank estimates global remittances are well over half a trillion dollars annually and climbing. Many BCH supporters believe that bitcoin cash can make a significant dent in the $600 billion per year overseas remittance industry. Anypay and Cointext’s solution, alongside the benefits of BCH cross-border transfers, give the end user lower costs and quicker global money payments within minutes.
What do you think about the Cointext and Anypay.global remittance solution? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Anypay.global, Pixabay, and Cointext.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.