Cashaa could fundamentally change remittances; expected to boost mobile payment

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Cashaa is a newly introduced system for transferring money from one place to another. This is entirely different from the other modes of transfer. It uses cryptocurrency or virtual currency. This allows the Cashaa system to seamlessly transfer money from one country to another without the involvement of bank accounts and other payment methods which have around 5-20% charges for both the buyer and sender. According to the CEO of Cashaa, Kumar Gaurav, the system will be entirely based on the people service rather than payment service. There will be different peers in every country, same like transfer agents. The transfer of the money will be done through them.

Cashaa will be competing against the giants of the money exchange services in the world. However, the background of Cashaa has been inspired by the big money exchange services. The very basic concept of the Cashaa is the same but the innovative approach has left it with more amazing prospects.

Cashaa is completely different than other popular money transfer systems. The major difference is the absence of any payment channel and currency. As the transfer is done with virtual currency, there is no charge levied on the sender. So, whatever the amount a person transfers from a country, the receiver will get the same amount without any deductions. This is one of the best features of Cashaa that can change the future of the currency exchange.  The peer-based service of the Cashaa simply signifies that the transfer will be done through agents rather than payment channel. The common platform for peers, sender and receiver is provided by the Cashaa.

Cashaa has successfully passed the beta testing phase. It is expected to go live anytime soon with offices based in London and Mumbai. The testing of the system was recently concluded in the trading platform called BTC2BID. The early projection of the company is to reach $1 Billion valuations in the coming 7 years. As per Kumar Gaurav, people can send money from US and Europe while the receiving market would be Philippines, Indonesia, Pakistan, and India. The plan is to increase the number of countries with every phase.

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