Overseas Remittance is a $400 Billion Market, Can Bitcoin Dominate?

FastCompany’s report revealed that overseas remittance totaled $429 billion in 2016. Some of the largest Remittance markets include China and the Philippines. Already, bitcoin startups have begun to dominate the remittance markets in the two countries, with the Philippines leading bitcoin remittance innovation.

Both domestic and international remittance is a massive market within the Philippines. Companies such as Lhuillier and Palawan operate thousands of branches throughout the country, with deeper market penetration in comparison to international remittance companies such as Western Union.

Since early 2016, bitcoin startups led by Coins.ph, a remittance and bitcoin payment service provider founded by CEO Ron Hose, began to threaten local remittance companies such as Lhuiller that have been dominant for decades. An appealing business model of Coins.ph was to enable a wide range of deposit and withdrawal methods suited for the needs of local recipients.

For instance, like Western Union, Lhuillier users must visit local Lhuillier branches in order to receive payments. Coins.ph however have partnered with banks, local remittance companies, convenience stores and other companies to provide as many options

Read more ... source: CryptoCoinsNews

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