Way back in March, at SXSW, we had the chance to speak with several Bitcoin startups. One of these, CoinPip, had a pretty interesting product. In a nutshell, as we wrote back in March, CoinPip’s “service allows users to send and receive money for a flat 2% rate, all the while cutting out the middle man and eliminating the need for complicated wire transfers. What’s more, the users don’t need to have any knowledge of or experience with using Bitcoin; Bitcoin is simply the medium through which the exchanges take place. Users never interact with Bitcoin, all transfers start and end in the currency of choice.”
This is still the main product and mission of the Singapore based startup. However, on Tuesday, the company released v1.2 of the program. In this update, CoinPip released a new feature: Direct Payments. In the initial release, although the transfers all began and resulted in users’ currency of choice, they were still restricted to PayPal and similar online wallets. With the new release, however, money can be transferred directly into users bank accounts.
Now through the innovative use of blockchain technology, businesses can send money to the bank accounts of partners and remote workers in a variety of countries including Indonesia, Philippines, China, Taiwan, Hong Kong, India and Singapore. All payments are received in 48 hours or less and for a flat fee of only 2%. It is not necessary to register with CoinPip in order to receive the funds.1
- Virtual Press Office, “CoinPip Launches New Service with Convenient International Direct Payments in 48 Hours or Less,” 16 June 2015 ▲