SureRemit is a conglomerate of merchants for non-cash sums of money that are sent in payment for goods or services. Calling itself an ecosystem, SureRemit aims to address issues that are commonly faced by immigrants who are attempting to conduct cross-border and local are money transfers.
SureRemit maintains the idea that the cost of remittances for immigrants is exorbitantly high and that typical money transfers cost an average of seven to twelve percent of the value transferred. Moreover, research has shown that almost half of all payments are made for precise needs such as food, clothing, and shelter. Bill payments, school fees, and medicine costs are also key indicators in why immigrants need to transfer money.
SureRemit aims to remove this challenge for immigrants and convert cash payments into cryptocurrency. The platform allows senders to connect directly with merchants and businesses that are used by their family members in their home countries.
Working in conjunction with merchants across the world, SureRemit has been designed to help immigrants send more money back home without the cost of additional transfer fees.
The so-called SureRemit ecosystem is composed of merchants in various industries, including pharmacies, retailers, and food markets, utility companies who provide power, water, internet services, and MNOs which are used for airtime and data subscription. KYC is used within the platform to verify identity and address, which lessens the opportunity for fraudulent transfers.
As with other cryptocurrencies, the opportunity for an individual to utilize this platform exists within the concept of tokens. Rather than relying on a platform which uses Ethereum, SureRemit has created RMT tokens that provides its network with the opportunity to work toward common goals. The Ethereum blockchain incurs transactional fees and those fees appear to constantly be on the rise, particularly with respect to the number if ICOs that are present on the platform.
That said, SureRemit makes it clear that blockchain tech is a valued part of its platform. It will be used for payment processing to ensure that payment gateways which decline to process payments for remittance companies can be accessed. It also allows for a reduction in frictional costs, that is, the costs that are associated simply with transferring value from one currency to the next.
The blockchain tech in use on the SureRemit platform also offers a system of record. It’s something that can be verified by both the sender and the company, so there’s no fear that a payment won’t reach a merchant in time.
The pre-sale for SureRemit tokens, RMTs, is sure to garner a lot of attention. RMTs can be purchased using most conventional currencies as well as some cryptocurrencies. The minimum purchase amount will be valued at 500 USD, but there is no max cap on purchases. Current exchange rates for the RMT are as follows: 1 USD = 50 RMT.
SureRemit has an interesting approach to the use of cryptocurrency in that there are few companies with the sole aim of helping immigrants with currency transfers. To that, it’s comforting to know that there are vouchers for the SureRemit system already being used, and potential investors can see real time activity.
SureRemit is working diligently to attract more consumers. There are current order request from immigrants in over twenty countries who are interested in transferring currency back to their home countries but who don’t want to pay astronomical fees.
The SureRemit Verdict
The SureRemit network has over five hundred operators spread across the globe. There is a network of merchants located in India, the UAE, Saudi Arabia and other countries in the middle ease. The company is actively working to establish networks in south-east Asia and Latin America.
SureRemit knows its market is currently in the immigrant sector, but hasn’t narrowed its view so much so that it isn’t’ seeking out additional opportunities. It aims to facilitate the use of marketing campaigns in home countries to help encourage new users.