Bitcoin Firm Enables Remittance Withdrawals at 450 Philippine Bank ATMs

[pawel7777]

Looks like bitcoin remittance services are on uptrend. This one is particularly interesting, as it allows to withdraw received funds from bank ATMs:

Philippine bitcoin exchange and remittance service Coins.ph has added an 'instant remittance' service to its list of options, allowing recipients to withdraw sent funds directly from a bank ATM.

Using the company's mobile app, customers anywhere in the world can deposit cash via a bitcoin ATM and have a friend or relative collect it instantly from a bank machine. Money can also be sent directly from bitcoin balances in Coins.ph web wallets.

http://www.coindesk.com/bitcoin-firm-enables-remittance-withdrawals-450-philippine-bank-atms/

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[Chef Ramsay]

These Bitcoin conferences need to start focusing on remittances here in the US and target the different ethnic backgrounds that normally send money to other countries regularly. I'm sure it's in the pipeline, can't do everything at once.

[ArticMine]

Actually no. Coins.ph is going about this the right way. They need to focus on the market where where the money is sent to, in this case the Philippines. Those in the United States, Canada or other first world countries who wish to send money can easy figure out on their own how to get XBT. This should not be the concern of the provider in the Philippines, who should only then have to deal with regulations in the Philippines.

[Sythyn]

This is amazing for developing countries like the Phillipines.

[dimsky]

There's been quite a few remittance businesses springing up in Asia. Can I just ask what their business model is? The bitcoin transaction fee is so low that even at high volumes, the revenue is still pretty low.

[pawel7777]

There's been quite a few remittance businesses springing up in Asia. Can I just ask what their business model is? The bitcoin transaction fee is so low that even at high volumes, the revenue is still pretty low.

Low BTC transaction fees are in their favour, allows them to reduce the cost of transfer. But they don't earn bitcoin tx fees, they will imply their own service fees.

I don't know what their exact business models are, it probably varies between the businesses.

[botany]

This is good.
Last mile connectivity is the problem in areas where bitcoin is not popular. This will help overcome that.

[Hunyadi]

This is exactly what bitcoin and those people need!