Bitcoin ATM’s have been in a state of flux as of late, not because they are no longer popular or profitable, but simply because of unclear or impending regulations for the machine operators. As a result, less and less Bitcoin ATM’s are being sold on a monthly basis, and manufacturers have to start looking at alternative ways to earn revenue. Robocoin now lets you send money overseas, which is an interesting additional to Bitcoin ATM’s worldwide.
Remittance, The Future of Bitcoin ATM’s?
Bitcoin ATM’s have proven to be very useful tools when it comes to converting fiat currency to Bitcoin, yet, due to most of these machines not working the other way around, they never managed to gain much mainstream attention. And, even though a Bitcoin ATM is a good way to push Bitcoin adoption and awareness, they are not doing much in that regard in most countries.
However, it has to be said that most Bitcoin ATM’s are not located in places where they are most needed, which is in underbanked countries. But Robocoin, one of the more popular Bitcoin ATM manufacturers, seems to have found a solution to that problem by letting their machines send cash overseas in direct competition with the remittance market.
Romit is the name of this new product and it is a simple and convenient way of sending cash to someone else by using a Robocoin ATM. The recipient can have the funds sent to another ATM, or even a merchant account, without having to pay the high fees usually associated with such money transfers.
With 20 Robocoin ATM’s around the world – a surprisingly low number, in fact – located in countries like the US, Italy and Hong Kong, there are plenty of locations to send money from. All it takes is putting money in the local Robocoin ATM, enter the recipient’s phone number, and that’s it. The recipient can pick up the money once they receive confirmation via SMS.
“Romit lets Robocoin’s operators scale their businesses, not by buying more kiosks, but by onboarding partner stores with the Cashier app. For example, our partners in Romania and Italy, a $1.1bn remittance corridor, have their sights set on market penetration and are looking to scale from three kiosks each to hundreds of Romit-enabled human and machine locations before the end of 2015,” Robocoin CEO Jordan Kelley told DigitalMoneyTimes
It is important to note that this feature will be rolled out slowly. The way things stand right now, there will be a 4% fee associated with transferring money with Romit, which is still drastically lower than the 25% fee for a similar feature offered by regular ATM’s. An additional feature – micro-remittance for transactions under US$200 – will be added in the near future as well.
Images courtesy of Robocoin and Romit