“BitPesa Ltd., a Kenyan start-up, will take on remittance providers like Western Union Co. (WU:US) by using the Bitcoin virtual currency to cut transaction costs for Kenyans working abroad who send home $1.2 billion a year. Western Union and MoneyGram International Inc. deduct $10 to $17 to wire $200 to Kenya from the U.S., including charges to exchange funds, in a process that can take an hour to five days, according to the World Bank’s Send Money Africa price database. BitPesa will charge 3 percent on overseas transfers and says the money arrives the same day. At that rate, it would cost $6 to send $200 via BitPesa.”
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
Five big tech stories to watch for in 2013
Tanzania Readies Rules to Open Stock Market to Foreigners
Spain: This Is What A Permanent Underclass Looks Like
In a Tough Job Market, Who’s Employed and Who's Not
Sydney Property Agency Accepts Bitcoin Payments to Woo Chinese
Topless activist Phoenix Feeley goes on hunger strike in New Jersey jail
New documentary puts Donald Rumsfeld on the hotseat about Iraq
A church flirts with an unusual social experiment: to never call police again
US nationals 'under siege'; citizen dies at Border Patrol checkpoint
Yang Jisheng: The man who discovered 36 million dead
Why Are So Many College Graduates Driving Taxis?
Why Gordon Brown sold Britain's gold at a knock-down price [2012]
US drugs prosecutors switch sides to defend accused Colombian traffickers
UBS to repay Swiss government bailout loan
CIA helping boost arms shipments to Syria rebels