India is the world’s largest receiver of remittances. Besides making it faster and easier, Bitcoin could help India save up to $7 billion in fees paid to international remittance companies and add this amount to the country's wealth.
According to India’s Economic Times, foreigners living in Gulf countries, most of which are Indians, sent about US$100 billion in remittances. A lot of these Gulf-based Indians are working as blue collar workers and have families that are dependant on them back home.
ZebPay Co-founder and COO, Sandeep Goenka says, “India is the world's biggest remittance market at more than $70 billion.”
He points out that the majority of the remittance is small amounts of around $200. For small amounts especially, users end up paying up to 15% in fees to companies like PayPal, Western Union or to banks through transfer and exchange rate fees. Bitcoin makes it extremely easy to send a small remittance back home.
Besides making it faster and easier, it could help save India up to $7 billion in fees paid to international remittance companies and add this amount to country's wealth.
ZebPay’s focus is on creating bitcoin infrastructure and a reliable bitcoin exchange in India and they have a partnership with BitWage. They also offer services which allow their users to buy Amazon India and Flipkart shopping coupons. ZebPay also offers a mobile phone top up service for prepaid cellular phones in India.
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