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Citizens of the Carribbean Islands depend on the remittances from the family members who work abroad. A report from the World Bank suggested the remittance fees alone in the Caribbean region amount to over US$ 800 million dollars per year. On the other hand, data from World Bank 2015 Global Findex Report stated that nearly 50 percent of the population in Caribbean Islands is unbanked. Here traditional banking is limited, with the typical process of KYC (know-your-customer) taking 90 days for small businesses to open an account.
Bitcoin wallet companies are providing secure mobile money ecosystem based on a single currency to accelerate and encourage financial inclusion and build a zero-cost remittance corridor for members of the Caribbean community.
Recently Caricoin, a U.K.-based Bitcoin startup, has collaborated with BitGo, the security platform, to provide secure and private mobile money solution to users in the Caribbean.
The wallet combined elements of social messaging platforms with remittance via Bitcoin. It allowed senders and receivers to chat with each other. It also had an added feature to top-up mobile phones with prepaid minutes anywhere within the Caribbean.
The wallet is intended to help users in the rural areas of the Caribbean by allowing them to pay bills from within the wallet, who earlier had to travel to pay their utility bills.
PayNXT360 expects international remittance to be one of the key segments of mobile payment industry, driving growth over the medium term. This is happening across global markets and startups are targeting niche areas to gain a share of this lucrative segment.
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