Money transfers and blockchain technology are two peas in a pod these days. Tempo Money Transfer, a company, focusing on remittances from Europe, integrated with Stellar. By using this technology, users can send remittances through the Stellar e-wallet. An excellent example of how blockchain technology can benefit all parties in a financial transaction.
As a result of the partnership, Tempo Money Transfer clients can send global remittances from anywhere in Europe. They can do so through the Stellar e-wallet, online, or by visiting a brick-and-mortar location. Coins.ph is the first service to integrate this new feature openly. This lets people send money to The Philippines by using a name and mobile phone number.
A Big Move By Tempo Money Transfer
The name Coins.ph will ring a bell among cryptocurrency enthusiasts, as the service has been using Bitcoin and blockchain for quite some time. Recipients are notified via text message, and a dedicated account will be created automatically. Requesting funds can be done through a bank transfer, request a money delivery, or pick it up in cash. For Tempo Money Transfer users sending money to The Philippines, this is amazing news.
The choice for Stellar blockchain technology is rather impressive, though. Tempo Money Transfer acknowledges the potential blockchain technology holds in the remittance industry. Stellar was picked over bitcoin due to its anti-terrorist protocol. Additionally, transactions are settled in seconds, rather than waiting 10 minutes or longer for confirmation. No one likes waiting for money to become spendable, and Stellar provides a better business model in this regard.
Tempo Money Storm has quickly become a household name in The Philippines. Their service is accessible through 12,000 locations in the country. Moreover, their Asian presence has increased to 22,000 locations, and more are added every month. By integrating blockchain technology into their services, they will only become an even bigger player in the Asian remittance sector.
Sending money from Europe to the rest of the world remains a very costly affair. Services such as Western Union dominate the market, despite high transaction fees. Tempo Money Storm and Stellar reduce those fees to a bare minimum while offering a more convenient service overall. Blockchain technology allows to cut out the middleman, which benefits both sender and receiver of any financial transaction.
Header image courtesy of Shutterstock
