“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.”
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