Biyapay remittance — a secret you may not know, yet it’s changing the world

According to a new report released by a research company focusing on blockchain, the number of people using cryptocurrency as a medium for cross-border remittance has soared.

Part of the increase is due to the high cost of using more traditional methods such as banking or PayPal.

Simpler, Cheaper, and Faster

Remittances from the United States, for example, are more expensive than ever.

According to the data of the WorldBank, in 2017, the US sent more than 148 billion US dollars overseas. As more and more people move abroad to work and remit money back home, they are looking for easier ways to cut costs and avoid being “Scammed” by banks and other intermediaries.

A choice of an effective way, of course, is cryptocurrency.

Blockchain research company Clover, explained in its latest report that this new approach is more popular than ever.

The report “Send Money Home” shows that 15.8% of the 707 people surveyed using cryptocurrency as a medium to send cash home. This makes it one of the most popular methods, ranking fourth after online services, remittance services or traditional wire transfers. This report clearly points out that the use of cryptocurrency as a medium for remittance is becoming more and more popular in the world.

Part of the reason for using cryptocurrency is the high cost of using traditional remittance methods such as Western Union or MoneyGram, the report said.

For example, when these methods are used to remit money to African countries, “super taxes” often occur — especially in Africa. Remittances from South Africa to Malawi can cost as much as 20%. Cryptocurrency can minimize this cost.

The report also points out that if some of the world’s largest companies, such as Microsoft and Starbucks, are willing to accept cryptocurrency as a payment method, it should give people confidence in using these new payment methods to remit money.

There is no doubt that sending money abroad using cryptocurrency can save money, as the report demonstrates by examining the cost of sending $500 abroad. Banks charge an average of 10.41% for such transactions, while using the post office can save another $34.

The use of global cryptocurrency has gradually entered into the mainstream payment methods of cross-border remittance, overseas investment and global real estate.

Biyapay, a remittance tool provides cryptocurrency-fiat conversion and remittence since 2019, has gradually come into the public’s view.

Biyapay is a cryptocurrency-fiat wallet developed based on blockchain technology, which supports foreign trade payments, e-commerce settlements, overseas real estate investment, cross-border remittance, US/Hong Kong stock deposit, foreign exchange and so on. It provides a one-stop financial service platform for individuals and businesses.

Biyapay is similar to other software that uses cryptocurrency as a medium for cross-border remittance. Though, its biggest advantage is that it can effectively reduce the time, and the most important thing is to reduce the cost. Any transfer only costs 1% fee, without any other hidden costs.