Digital CC to launch remittance app

05/05/2015 - 13:13

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Digital CC has announced it will be launching the beta version of its new remittance product AirPocket in the June quarter, shifting its focus away from the volatile bitcoin market.

Digital CC chairman Zhenya Tsvetnenko.

Digital CC has announced it will be launching the beta version of its new remittance product AirPocket in the June quarter, shifting its focus away from the volatile bitcoin market.

AirPocket, which forms part of the company’s digitalX Pocket application, will enable cash to be transferred anywhere in the world through a peer-to-peer model without the need for involvement of an institutional agent.

Digital CC chairman Zhenya Tsvetnenko said the launch of AirPocket would reposition the company as an innovative fintech product provider to the global remittance market.

“Digital CC’s proven capability utilising Blockchain technology provides the platform and competitive advantage, which underwrites our ability to transform the way consumers remit funds and generate outstanding commercial returns in the process,” he said.

In a statement, the company said AirPocket would extend the geographic reach of the cash remittance network beyond retail location services by allowing anyone who owns a smartphone to act as a money transmission service, whether they are merchants, retailers or individuals.

It said the product offered a user-to-agent model, based similarly to Uber and Airbnb’s platform, and without the use of cryptocurrency.

Digital CC said AirPocket’s transaction recording method would eliminate large overheads associated with the maintenance of the platform and regulatory reporting.

“The remittance market globally is estimated to be worth $US583 billion,” it said.

“Growth in this market is estimated to reach $707 billion by 2016, with the largest recipients being India, China, the Philippines and Mexico.”

Users of the AirPocket technology will be required to own a smartphone in order to use the app.

Following a backdoor listing last year, Digital CC became the world’s first bitcoin-focused company to list on a major exchange.

Digital CC shares were 52.6 per cent higher to 14.5 cents a share at 1pm.

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