Romit enables low-cost international money transfers

Proposed par Robocoin, Romit is a “fully automated cash-to-cash remittance solution,” allowing people to conveniently send and receive money.

Any business with a Web-enabled kiosk or cashier can offer its customers the ability to send money worldwide, using Bitcoin. The company announced that kiosks are already available in 20 locations, in the U.S., Hong Kong, Romania, and Italy, and partnerships are on their way to increase the availability of the service, “in major convenience store networks, pawnshops, and even a state-owned bank, while targeting the Philippines, India, Mexico, and other remittance-heavy markets.”

romit

Romit directly competes with existing services centered on small, person-to-person, international money transfer, such as Western Union and MoneyGram. Thanks to the blockchain technology, the transfers can be much faster and much cheaper, as advertised by the company, comparing the fees for different amounts sent overseas: sending $100 from the US to the Philippines will cost $4 – more than three times less than with conventional services.

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