Telcoin, the blockchain-powered remittance, and payments platform have announced that it has extended its service to 23 new wallets across 16 new countries with the focus being on adding markets in Asia and Africa.
After the integrations are completed, the users in Canada, the US, Singapore, and other countries would be able to send payments to the new wallets that have been integrated into the Telcoin platform.
“Opening these initial corridors is an exciting and important foundational moment in Telcoin’s journey,” said CEO Paul Neuner. “We see this as not only about affordable remittances but as a first step toward expanding the financial opportunities of people in these new markets.”
The new remittance partners are from countries as diverse as Bangladesh, Ethiopia, Fiji, Indonesia, Nepal, Pakistan, and others which shows that the company is focussing mainly on Africa and parts of Asia that have not been fully tapped into by the other major remittance partners. These markets do have a lot of users who are looking for remittance solutions but have been generally ignored by the larger players as they have been classified as high-risk so far. But with the competition among remittance and payment companies increasing, this is likely to be a trend where these companies go into high-risk markets as a means of expansion.
The company has announced the launch of a new upgrade to its payment app which they call ‘active beneficiary’. With this upgrade, the sender would be able to just type in the amount to be sent while the receiver would then be allowed to intimate where the payment needs to be sent after he has received it. This streamlines the payment process and reduces the number of actions that the sender has to perform, the announcement said.
The cost of sending cross-border payments and remittances continue to be high but with the entry of blockchain-powered payment companies and with the remand for digital payments also increasing over the last few months, it is only a matter of time before the charges start falling as the competition between the various remittance companies begin. Some companies are positioning themselves for this fall in fees and the corresponding increase in demand for such remittances. Digital payment companies with blockchain as their backbone are likely to lead the race as they have a distinct advantage of speed and reliability as compared to legacy systems.