Cryptocurrency cash register Anypay.global has teamed up with CoinText.io, an SMS wallet, to offer a new remittance solution that is significantly faster, cheaper and easier than the traditional model.
According to a World Bank report, the global remittances sent to migrants’ native country totaled $689 billion USD in 2018 and is expected to grow to $715 billion USD in 2019. Two companies invested in the blockchain technology sector are aiming to improve the global remittance processes by providing a solution that is faster, efficient and cheaper to use than the current remittance systems.
In an announcement via PR Newswire, AnyPay a cryptocurrency cash register and CoinText, a cryptocurrency wallet company, confirmed their strategic partnership that will provide the 200 million+ migrants across the globe an efficient platform to send cash back home.
The current market of global remittances is expensive and inefficient as it involves a number of intermediary parties to send the money. Most of the remittance senders and recipients lack bank accounts which limit the process of sending and receiving cash hence the need for remittance services. Traditional remittance services take custody of funds and release them through network partners at physical locations around the world. The remittance services and network partners collect transfer fees, all at the cost of the sender and receiver.
The New Remittance Solution from AnyPay and CoinText
This is the major problem the partnership is set to solve with the development of its new remittance platform. Speaking on the latest partnership, CoinText CEO and co-founder, Vin Armani, explained the need for individual sovereignty to boost the development of economies across the world.
“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.”
AnyPay provides merchants and retailers across the world with Point of Sale (PoS) terminals that will allow cryptocurrency to cash remittance services. CoinText is currently running a program that allows users of the platform to send Bitcoin Cash (BCH) across text messages in over 40 countries across the globe. The service is predominantly featured in developing countries whereby receivers of the cryptocurrency can convert it to cash.
How The AnyPay.global & CoinText.io Platform Works
Similar to Kenya’s M-Pesa service, where users send money to each other across a USSD code, the remittance service by the two revolutionary companies is set to allow users to transfer cash at any point in the globe through a text message. Here is how the process works.
First, the remittance recipient goes to the AnyPay merchant with the PoS and requests for a specific amount. The amount is then filled on an invoice generated by the AnyPay cash register app and a 5 digit code is also generated. A CoinText user who receives the code can pay the amount requested from any point in the world to the AnyPay merchant.
Unlike normal crypto transactions across global remittances, the merchant will in no way interact with cryptocurrencies. The will connect their address with a bank account which will receive the cash. The merchant then takes their fee and hands the recipient their cash. The process cuts out unnecessary middlemen in the remittance process making its fast, cheap and easy to use for anyone with text message ability.
Anypay.global co-founder Steven Zeiler was excited and pleased at the launch of the new remittance solution and expects it to transcend boarders across the globe. He spoke saying,
“AnyPay connects friends and family no matter the distance. Instantly receive money from anywhere for free. It's easy. Search ‘AnyPay' today.”