Pipit Cuts The Cost of Sending Cash

It’s super expensive to transfer cash across borders.  That is one of the positive aspects of cryptocurrency, low-cost transfer with no barriers.  However, you can already do it with fiat currency today if you use our portfolio company Pipit.  They recently did a blog post about how to move cash from country to country with super low fees.  It’s easy to set up and seamless.  The only thing you need to do is go from a private account to a private business account.  That way you avoid all AMLKYC restrictions.

Here is the cool part.  The sender can control where the cash is spent.

Because Pipit enables bills to be paid, a person in London could send money to India with restrictions on it.  Bills would get paid out of the account before the money was distributed to the person for their use.

This is big because a lot of times money is transferred using high fee services like Western Union directly to a person and the person forgets, or doesn’t pay the bills the money was sent to pay. Currently, $450 billion gets remitted from immigrants in developed nations back home to their families in undeveloped ones.  Pipit’s low fees go directly into the pockets of people in underdeveloped countries, allowing them to build the local economy.

If you operate a bank and want to be a part of the Pipit network check out https://banking.pipit.global