2014-02-04 Coinfirma: Bitcoin Now Accepted at Every 7-Eleven in Mexico

[solex]

http://www.coinfirma.com/4/post/2014/02/bitcoin-now-accepted-at-every-7-eleven-in-mexico.html#.UvH5Bj2SyrB


Bitcoins can now be spent at 7-Elevens indirectly via the Pademobile service funded through Coinbase. In theory a huge number of remittance payments from the US to Mexico could go though this process. Less fees and faster than dollar/peso exchanges, but presumably recipients would have to spend their money on 7-Eleven products.

This is very disruptive to existing remittance services.

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[glendall]

At 7-11  Wow that is huge.

Western Union should be shitting itself right about now. And if they aren't , they should be. Their (...20, 30 year?) golden goose is about to get cooked. 

[Akka]

At 7-11  Wow that is huge.

Western Union should be shitting itself right about now. And if they aren't , they should be. Their (...20, 30 year?) golden goose is about to get cooked. 

Year, that's pretty cool. Yet the infrastructure is still to weak, nice to see it growing. Combined with those ATMs, Bitcoin can become pretty useful for people that travel a lot or that have relatives in other countries, though.

[bryant.coleman]

Annual remittances from the US to Mexico amounts in 10s of billions of $$$. Even if just 1% is done using BTC, the value can skyrocket.

[seriouscoin]

Annual remittances from the US to Mexico amounts in 10s of billions of $$$. Even if just 1% is done using BTC, the value can skyrocket.

Yeah.... all the mexican American can send money home for alot less in fees

[Bit_Happy]

...
Yeah.... all the mexican American can send money home for alot less in fees

Really, how much less?
When possible (from anyone who's able), I would like to see a real world comparison of Western Union/(USD/Peso)>>Spend at *cheaper* store vs. USD>>Coinbase/Pademobile>>>Spend at 7/11.

Sounds good at first though...

[bryant.coleman]

Really, how much less?

WU charges around 10%. So the gain (difference) will be 9% to 9.5% depending upon the BTC processor.

[el_rlee]

What are other big clients of said "pademobile" service?

How big is coinbase? Is there a way to see there 30 day volume?

[oakpacific]

Is 7-11 big in Mexico? Also I still hope WU can come around and do the right thing.

[solex]

Is 7-11 big in Mexico? Also I still hope WU can come around and do the right thing.

1200 stores.

What are other big clients of said "pademobile" service?

How big is coinbase? Is there a way to see there 30 day volume?

https://medium.com/p/97ecc86460dc

[BitChick]

WOW.  This could be huge.  I guess the question will be if migrant workers can learn how to use Bitcoin.  It would be great if someone could go to the central valley in California or other places with high concentrations of workers and hand out information, maybe even a small amount of BTC with instructions on how they can use it and save tons of money sending funds to Mexico.  I think it would take a little hand holding at first but once a few of the migrant workers use it they can spread the word around.  

I guess the only major problem is the recipient of the funds sent to 7-Eleven getting those funds as cash?  I would think that there will be a way to do that at some point soon, if there is money to be made there.

[Bit_Happy]

Is Mexico any safer than a couple years ago?

[hellscabane]

This actually makes me very happy to hear. Sure it's not going to be that huge of a piece from the pie, but it'll definitely send a few waves. I concur with the opinion of Western Union regarding remittances, although I'm not sure about the viability of using 7-11 for a bunch of your shopping. Nonetheless, it'll definitely have an affect. Thank you for sharing this story!

[RappingSniper]

Seems pretty complicated to me. Why not just accepting Bitcoins direclty? Why the middleman (wallet pademobile) is needed?

[Onanula]

Seems pretty complicated to me. Why not just accepting Bitcoins direclty? Why the middleman (wallet pademobile) is needed?

because 7/11 isn't taking any steps to actually accept Biitcoin. They accept payments from Pademobile wallet users, who just so happen to be able to fund their accounts via coin base. Not a single rank and file employee will have even the first clue about Bitcoin itself...

[mercistheman]

Someone should contact Spanish language newspapers in the states... get the word out.