SOLVING PROBLEMS IN THE GLOBAL REMITTANCE INDUSTRY
Smart Token Chain’s (STC) patent pending technology applies to the multi-billion-dollar global remittance market. Last year the United Nations estimated that 3.3% of the world’s population, or 244 million people, lived outside their own country. The World Bank projects that migrants around the world will send a record $610 billion across country borders. The migrants alone in the U.S. sent $56 billion to their home countries in 2014 according to the latest data. Moreover, the World Bank also found the average cross-border payment to be around $200 with an average cost per transaction being 5% to 10% and, if sent from a bank or money transfer operator, takes two to five days.
One key to reducing costs and time is developing mobile solutions. According to the latest data by the World Bank, in 2013, international remittances sent via mobile technology accounted for less than 2% of remittance flows.
A study released last month by Juniper Research shows there is demand for mobile remittances. Among nearly 3,000 users of international money transfer service users from migrant communities in the U.S., U.K., and Germany, the research found 82% of those who sent money across borders using money transfer operators and banks said they are dissatisfied with their current options; 83% said they are willing to use mobile payments for these transactions, provided they are offered a service that is more secure, more convenient, faster, and competitively priced.
Thus, the current problems with the global remittance industry are companies are still charging high fees and long waits for the people to get their money. Through STC’s wholly owned subsidiary, P2P Cash, it is positioning itself to become the next big deal in the Fintech space and provide a solution to the current global remittance problem.
P2P Cash offers Free Money Transfer to consumers. The Sender registers and logs into the P2P Cash website on , www.p2pcash.com (which can easily be accessed by either smartphone or desktop) or mobile app, enters the amount to send, finds how much their Receiver will get in local currency, and clicks “Send Money Free.” Assuming the Sender already opened a free account with P2P Cash, most transactions are complete within minutes, not days. There are a couple of ways the Receiver will get their funds: either into a bank account, mobile wallet, or through P2P Cash’s Trusted Agent Network for pick-up or home delivery where available. Basically, with P2P Cash, there is no fee charged by P2P Cash to Senders or Receivers. Thus, users of the P2P Cash network save money over 1,000’s of competitors, solving the current market issues around cost and time. STC technology makes it all possible!