Company Overview
India is No.1 in remittance market (received US$71 Bn in 2014); Bitcoin India™ to provide cross boarder payments & Bitcoin Exchanges Services at free of cost.
Problem/Opportunity:
1. Bitcoin exchanges - Has liquidity issues & India is very new to Bitcoin.
2. Remittance – Cross Border Transactions
(Based on my personal experience, Remitting money has the below issues.,)
Large monetary fee,. Declaration issues,. Must need a Bank account,.
Limitations on the number of transactions per a year,.
Limitations on per transaction,.
International transfers happens through 3rd party bank(s) & users need to wait for min 2-5 business days to receive funds.
3. Merchants - There’s a huge transaction fee for the merchant who sells their products online; for e.g., if they use PayPal, then the Merchant need to pay 4-5% as transaction fee, from their profit.
Our solution:
1. We have great liquidity possibilities –
We provide our users with co-branded debit card, a MasterCard from Barclays.
Our users can make use of both BTC and/or INR, to make online shopping/daily spends or to withdraw cash in 200 countries at any ATM wherever MasterCard is acceptable.
2. Remittance at zero fee –
Instant money transfer to an e-mail or to a mob. The receiver doesn’t require any bank account;
Receiver can simply walk-in to any ATM to make cardless transaction by just entering the code that they received to their e-mail/mob, it’s simple.
3. Payment Gateway for Merchants –
We’ll develop a Blockchain based payment gateway for the use of merchants & the banks, to get the transactions completed at no or low cost for fees’.