Sending money internationally is one of the most used and essential services for immigrants and anyone else who has to support family around the world. Formerly known as international remittance, the action of sending money abroad generates over $400 billion in yearly volume according to the World Bank. Multinational conglomerates generally control this massive industry with the goal of making as much profit as they can, meaning value is being extracted from customers wherever possible.
The international remittance industry is highly focused on Third World countries and developing nations who can not afford to be ravaged by high fees, with 75% of transactions going to developing countries. This has created a significant dilemma. People desperately need to send money back home to family and friends but incur extremely high commission costs, taking a big chunk out of the final value received and hurting users at both ends of the transaction.
A true zero fee platform
Some platforms, such as PayPal and Venmo, offer a simple to use zero-fee platform for domestic transactions, but it’s practically impossible to find a way to send money internationally for free. CoinZoom decided that it wanted to change this and has introduced a unique business model that allows anyone to send money anywhere in the world without fees via its ZoomMe platform.
With ZoomMe, there are no hidden fees, no tricks, and no gimmicks: just a simple-to-use money transfer service. Users can send cryptocurrencies or various fiat options, knowing their relatives will receive it quickly. ZoomMe is able to offer this service by creating a new incentivization structure for its platform, which ensures it is not reliant on commission fees. Global users can send between $500-10,000 per day in this manner, depending on what tier they decide on. But how is this determined?
Redefining industry incentives with ZOOM
ZOOM is the native cryptocurrency of the CoinZoom and ZoomMe economy, and by introducing it, CoinZoom does not have to charge transaction fees to its customers. Five tiers allow for different perks and daily remittance limits. With these two options, known as Select and Preferred, users can send either $500 or $1000 daily anywhere in the world with zero fees. Considering Venmo only allows users to transact $7,000 per week, even the lowest CoinZoom options are able to compete effectively.
The Preferred card and next three levels all come with higher daily sending limits than Select, as well as other perks like a crypto-based ‘cashback’ program ranging from 1-5%. This enables users to get ‘cryptoback’ rewards on all their purchases, increasing savings. After the Preferred card comes the Gold, Platinum, and Black cards, with a $2,500, $5,000, and $10,000 daily sending limit respectively. The different tiers also offer higher cryptoback rewards depending on the level. To qualify for these cards, users need to own 12,000, 50,000, or 100,000 ZOOM, but no additional fees are required. Unlike regular card companies, ZoomMe does not require users to pay an activation or yearly fee. Users keep all of the ZOOM they have acquired to qualify for their card level.
Regardless of what tier you are, you can quickly, easily, and efficiently send cryptocurrencies or fiat anywhere in the world with no commission charges. This creates an opportunity for users to capture the full value of the international transaction, unlocking additional money that would have otherwise been absorbed by intermediaries.