SureRemit is an ecosystem of merchants for global non-cash remittances, powered by Blockchain.
There are about 250 million immigrants in the world sending over $600bn to support their friends and families back home every year. The remittance market is a significant source of funding for many individuals and families across the world. Recipients of remittances, particularly in emerging markets, rely on this income for basic needs like food, clothing, medicine, utility bill payments, among other needs.
Immigrants face two significant challenges when executing cross-border and local money transfers:
Firstly, the cost of remittances is punitively high. Transferring money via banks and traditional international money transfers operators could cost from 7-12% of the value transferred. Over the past decade, new digital remittance companies have succeeded in reducing this cost, but the cheapest service could cost up to 4%. Their access-points or withdrawal channels can also be difficult to interact with, especially by the unbanked population.
Secondly, over 40% of remittances are intended for specific uses like food, clothing, medicine, school fees or utility bill payments. Senders want to ensure that their money is being utilized for its intended purpose, but this is not possible to control or monitor with cash transfers, as cash creates opportunities for waste and diversion of funds. SureRemit removes the cash layer by eliminating cash agents leveraging cryptocurrency.
The platform connects senders directly to the merchants that serve their recipients’ basic needs back home. A new token, Remit, will enable senders to purchase digital vouchers (SureGifts) that can be delivered to billions of their recipients across the world instantly via SMS or e-mail. These vouchers can be spent directly for goods and services from SureRemit’s ecosystem of partner merchants within their community. The service will significantly reduce the cost of transfers, while ensuring that the recipient receives the appropriate value as intended by the sender.