An ecosystem for global non-cash remittances.
SureRemit connects immigrants abroad directly with merchants that provide the services needed by their loved ones back home. With Remit tokens, immigrants all over the world can access digital shopping vouchers that can be spent by loved ones on goods and services at accepting merchants wherever they are. They can also pay for hundreds of utility bills and mobile airtime credits directly from the SureRemit application.
SureRemit is leveraging blockchain technology to connect senders of value across the world directly to the merchants that provide the goods and services needed by recipients back home.
There are about 250 million immigrants in the world sending over $600bn to support their friends and families back home every year. The remittance market is a significant source of funding for many individuals and families across the world. Recipients of remittances, particularly in emerging markets, rely on this income for basic needs like food, clothing, medicine, utility bill payments, among other needs.
Immigrants face two significant challenges when executing cross-border and local money transfers:
Firstly, the cost of remittances is punitively high. Transferring money via banks and traditional international money transfers operators could cost from 7-12% of the value transferred. Over the past decade, new digital remittance companies have succeeded in reducing this cost, but the cheapest service could cost up to 4%. Their access-points or withdrawal channels can also be difficult to interact with, especially by the unbanked population.
Secondly, over 40% of remittances are intended for specific uses like food, clothing, medicine, school fees or utility bill payments. Senders want to ensure that their money is being utilized for its intended purpose, but this is not possible to control or monitor with cash transfers, as cash creates opportunities for waste and diversion of funds. SureRemit removes the cash layer by eliminating cash agents leveraging cryptocurrency.
The platform connects senders directly to the merchants that serve their recipients’ basic needs back home. A new token, Remit, will enable senders to purchase digital vouchers (SureGifts) that can be delivered to billions of their recipients across the world instantly via SMS or e-mail. These vouchers can be spent directly for goods and services from SureRemit’s ecosystem of partner merchants within their community. The service will significantly reduce the cost of transfers, while ensuring that the recipient receives the appropriate value as intended by the sender.
Digital transactions with the Remit coin can be completed in seconds regardless of where the sender and receiver are in the world. There are more mobile phones than there are people in the world. A mobile app can enable remittances to be sent and received instantly. Recipients can receive value via SMS or e-mail.
Cost & Fraud
With banks and other intermediaries removed from the remittance process, the senders of value can connect their recipients directly to the merchant where the value resides. Transaction costs will be reduced to the minimum. Lowering of remittance costs could increase remittance volumes and lift over 30 million more people out of poverty according to the UN. Fraud is also a major factor impeding the deployment of platforms such as SureRemit on existing debit/credit card services. Since deliveries are instant, chargeback risk from credit card theft is greater. Utilizing Remit tokens exclusively enables us to accept a currency whose ownership we can verify and trust.
Remittance services can be available 24-hours a day. There is transparency of pricing and no surprises or fear of loss at the destination. Without the cash layer, elaborate KYC requirements for basic remittances are relaxed. The counter-party risk is also removed, since there are no banks or agents required to provide liquidity on the receiving end.
Tokens are distributed immediately during the crowd-sale and can will be transferable within 2 weeks after the crowd-sale.
|Round||Token Price||Bonus||Min / Max Purchase||Soft Cap||Hard Cap|
10 Jan 00:00 UTC
10 Feb 00:00 UTC
|0.02 USD||No||Min 50 USD||Uncapped||Uncapped|
08 Dec 00:00 UTC
05 Jan 00:00 UTC
|0.02 USD||No||Min 500 USD||Uncapped||Uncapped|
SureGifts Launched in Nigeria
Reached 100 Redemption Points
Launched in Kenya
Crossed 500 Redemption Points
Crossed 50,000 Transactions
Joined 500 Startups
Expanded to Rwanda
SureRemit Concept Development & Research
Token Generation Event
Beta App Release
Expansion into LATAM