blockchain by Claude J. Easy February 19, 2021
Telcoin is a financial technology platform leveraging the blockchain to facilitate high-speed, low-cost international remittances. Think cryptocurrency meets Western Union or Money Gram. People all over the world will be able to send money to their loved ones smarter.
Since its founding in 2017, Telcoin has come a long way. Navigating its way to the blockchain, the cryptocurrency coin has successfully made its way to Canada and the Philippines.
Starting its venture to connect telecom and mobile money platforms globally, we have to say, Telcoin is off to a good start.
The token is building quite a buzz. Its most recent collaboration with GCash, the leading mobile e-wallet in the Philippines, with more than 33 million users nationwide, will help in the mission to lower the cost of international money transfers.
A GSMA associate member since 2018, Telcoin looks to lower the cost of international money transfers by emphasizing direct connections with mobile money providers.
Filippinos receive around $2.8 billion a year in remittances from Canada
The global average cost of sending a remittance is at roughly 7 percent, including fees and foreign exchange margin. Telcoin looks to target just 2.5 percent or less to send a remittance using any mobile device.
Cutting the percentage in half, the cryptocurrency is well below the average cost of sending money from Canada to the Philippines, which the World Bank reported to be 4.92 percent in the fourth quarter of 2020.
According to the GSMA’s latest state of the industry report, there are more than 1 billion active mobile money accounts in 95 countries, capturing $7.3 billion in annual remittance value. With a total market value of nearly $700 billion, there is massive room for growth in mobile money-focused remittance services.
“Telcoin’s strategy of direct connections with telecom and mobile money partners will enable us to rapidly scale, keep costs low and ensure the health and safety of our users thanks to the contactless nature of transacting on mobile and not at a physical shop…”
We intend to become a household name in the Philippines, putting more money back in our users’ pockets when they need it most.– Telcoin Chief Executive Paul Neuner
As more people begin to discover Telcoin we can expect the buzz to only get louder within crypto communities and on an international level.
Additionally, as we adjust to the “new normal“, every day, e-wallet transactions seem to be a trend that’s looking to stay.
According to the Bangko Sentral ng Pilipinas, electronic money transactions processed by fintech companies led by PayMaya and GCash more than tripled as the shift to e-wallet payments from the traditional mode of cash transactions accelerated amid the global health pandemic.
Telcoin on the other hand continues to build. At the brink of 2021, the platform dropped an update to its community:
We’ve submitted V2 of the Telcoin application to both the App Store and Play Store — fiat remittances are finally becoming a reality. More importantly, this milestone closes the book on our transitional period.
From here forward, in addition to continuing to add fiat remittance corridors, we are all from a product standpoint working on efforts initiated by the new team — namely Telcoin V3.
The future looks bright for the fintech platform. If you’re looking to check out more and stay up to date with the coin’s trends check out Telcoin on KuCoin.