Streamlining International Remittance with Crypto
Learn how remittance services are leveraging cryptocurrency to provide faster, cheaper, and more accessible cross-border money transfers.
Industry Overview
The remittance industry facilitates cross-border money transfers, often for migrant workers sending funds to families. It’s a market where speed, cost, and accessibility are critical.
Challenges in the Industry
- High fees (5-10%) for international money transfers.
- Slow processing times (3-5 days for bank transfers).
- Regulatory compliance for anti-money laundering and fraud prevention.
- Limited access to modern payment options in some regions.
How Big White Pay Helps
Big White Pay’s payment links allow remittance services to accept crypto payments, which are sent instantly to recipients’ wallets via QR codes or links. The platform’s AML/KYB and MiCA compliance ensure regulatory adherence. White-label options enable remittance providers to brand the service and monitor transactions across agents. On/off-ramping converts crypto to fiat for recipients without crypto wallets.
Key Benefits
- Up to 70% reduction in transfer fees compared to traditional services.
- Near-instant transfers, improving recipient access to funds.
- Compliant transactions reduce regulatory risks.
- Branded platform enhances provider credibility.
Use Case Example
Real-World Application
A remittance service uses Big White Pay’s white-label platform. A worker in the US sends $1,000 in Ethereum to family in Asia by generating a payment link. The platform ensures compliance, converts the funds to fiat, and deposits them into the recipient’s bank, saving $80 in fees.