DigitalX Limited (ASX: DCC)
Cross border money transfers are growing exponentially, with mobile phone transactions forecast to hit $1.5 trillion by 2017.
What this means is that remittance technologies must improve if society is to keep up with expanding demand.
DigitalX Limited (ASX: DCC) may just have the solution to meet this demand with its monetary transaction tool, known as AirPocket, that allows anyone with a smartphone to convert physical cash to digital money, which can then be converted back into local currency in a different country.
It’s the world’s first blockchain enhanced money transfer app – and it’s set to launch money transfers in just a few days’ time.
DCC has been busy doing deals with major telcos recently and its latest deal with UniTeller gives AirPocket licensing and access to an established network of 17,000 cash out locations in Mexico alone, including Walmart, large retailers and Mexico’s major banks.
DCC is pushing hard into Latin America and prospective markets such as the Caribbean and Asia, all ripe with working-aged people living and earning money abroad.
DCC’s target markets represent about $384 million in a global global remittance market estimated to be $650 billion.
That’s a large addressable market waiting to be tapped if and when DCC is ready to expand its intentions.
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With the integration of AirPocket into UniTeller’s remittance network now successfully completed, users can process remittance transactions to over 40,000 cash out locations across Latin America and Asia via UniTeller’s network.
On top of deals with other telco giants including AT&T, and with a big marketing push about to begin, DCC is moving full steam ahead to call up a hefty slice of this $650 billion remittance pie.