Robocoin Unveils Money Remittance Solution Powered by Bitcoin

Global cash remittance is currently experiencing a revolution, which will benefit operators, entrepreneurs, and money transmitters. More importantly, customers also stand to enjoy remittance fees that are significantly lower than those from leading competitors.

This new solution is an innovation from bitcoin ATM manufacturer Robocoin. The company is rebranding its Robocoin Wallet to Romit Wallet, following the launch of its global cash remittance solution powered by the Romit Cashier app.

The app will facilitate sending a customer’s money both domestically and abroad. The target customers are those making micro-remittances under $200. Cash is converted into bitcoin through the Romit service provider, and then transmitted anywhere in the world, in any currency. Recipients are then able to withdraw the remitted funds from their Romit Wallet.

This means that all a person needs to do to send money is the recipient’s phone number, cash on hand, and a participating kiosk, ATM, or cashier. Recipients are then given the nearest Romit participating location.

A flat 4 percent total fee for every transaction, no matter what amount, is charged when sending cash. Lower fees thanks to utilizing the blockchain could mean the company can become a major competitor to established players.

Another noteworthy feature of this app is its ease of use, as all the complexities of bitcoin are kept behind the scenes, without the need for the creation of a bitcoin wallet or the understanding of fluctuating exchange rates.