Making Bitcoin more convenient to use is one of the main points of focus for both established companies and newly founded startups. Even though sending money to anyone else in the world is pretty straightforward, there are plenty of improvements to be made. Bitwala may have found a possible solution, as their new EmailPay service lets anyone send funds to an email address.
Also read: Fiat Currency Vs Digital Currency
Send Bitcoin To Any Email Address In The World
EmailPay is simple, elegant, and very convenient for anyone to start using within seconds. As the name may suggest, Bitwala’s new features are aimed at allowing users to send and receive money via email. All that is needed is a recipient’s email address and enough Bitcoin to cover the payment amount.
Bitwala wants to make the entire Bitcoin experience even easier to use, even for those who are interested in digital currency but do not have a [mobile] Bitcoin wallet installed on their device. Receiving any payment through an email address is as convenient as PayPal, with the major difference being how the sender can pay in Bitcoin.
This new tool will allow novice users to experience the power of Bitcoin without too much hassle. EmailPay will show people how easy, quick, and convenient this entire process can be while still getting funds deposited into their bank account. Furthermore, this process requires users to disclose far less personal information to the sender than they otherwise, would do.
When sending money to somebody else, you don’t always have their banking details at your disposal. Especially when travelling or not being at home, in general, making payments outside of the Bitcoin space is either clumsy or subject to hefty fees when using services like PayPal. By using Bitwala’s EmailPay service, both of these hurdles are effectively removed.
People looking to use this service for accepting payments to a bank account will need to go through a verification procedure by Bitwala. Similar to how most of these platforms work, a scan of an ID or passport, combined with a recent bank statement, will be more than sufficient. Depending on the amount of funds users want to send and/or receive, additional verification might be required.
Taking The Fight To PayPal’s Ridiculous Fees
Sending money around the world has become a key element of the financial sector these days, and more innovation is clearly needed. Especially when that innovation can reduce the fees when sending money to different countries. With all of the associated conversion rate costs, remittance services and platforms like PayPal or Xoom are becoming less and less popular.
Unfortunately for most people in the world, these are the only solutions available to them right now. Bitcoin is a more than viable alternative and is prone to disrupt the financial sector sooner or later. EmailPay is just the first step along the way for cheaper global payment solutions.
Source: Bitwala Blog
Images courtesy of Bitwala, Shutterstock