Blockchain to revolutionize +250 Billion dollars of worldwide remittances
Over the past decade, one of the world’s largest single industries is remittances. Worldbank data estimates that over +$250 billion is transacted annually by friends and family in the remittance market. Both the Philippines and Mexico alone receive $52 billion annually. Additionally, private sector entrepreneurs in undeveloped nations, who now run; market stalls, B&Bs, private restaurants, taxis and, numerous other tourism focused enterprises, are a largely silent faction with no access to credit or debit card merchant services, meaning a largely inconvenient cash market. Worldwide, private citizens and, more importantly, private sector entrepreneurs, have no access to credit cards or the feasibility to charge credit cards, either locally or to enact distance payments from internationally domiciled individuals. For entrepreneurs in undeveloped nations, their businesses remain essentially a cash economy, with the high commissions, risks and impediments cash presents to its budding private economy. The mobile App Revolupay intends to empower entrepreneurs and disrupt the remittance industry.