The safex atm and the remittance industry


#1

Earlier I was do some thinking and it occurred to me that there’s a lot of overlooked potential for the atms in the remittance industry.

Now, before I go any further, I must say that this is mostly brainstorming and there might be better ways to do things, so feel free to contribute.

Anyways, most of my coworkers are Somali, so I’ll use them as an example.

Ok, so it’s pay day and Mohammed wants to send his father Ali, who is back home in Somalia, some money, so he could just go to a safex atm in the US and converts his dollars to safex and send Ali some safex who then withdraws dollars from the safex atm located at Ahmed’s store.

Now some ideas to possibly improve said remittance process. This is the section where ideas may sound good in my head, but end up sounding stupid, so feel free to pick it apart.

1.Automate the process/make it end user friendly and set up for sending safex cash, rather than just converting for yourself: Make a special market transaction, similar to a void market that’s basically functions as an address that can only be withdrawn to the attached(receiver’s) account or through an atm. The address(being more like a market listing/escrow than a safex address) could be named and given a pin(either chosen by the user or randomly generated) to add ease for the users. Or it could create a hidden market listing under the seller with an escrow for the funds and a randomly generated pin, so the receiver could go to the nearest atm and enter their account name and the generated pin to withdraw.

2.Now number 1 might seem unnecessary, but it sets things up for number 2. Price protection. Add a small optional market fee, so that the money from that transaction is exchanged at the same rate it was sent, regardless of price fluctuations. This is one of the reasons for sending as a market transaction as opposed to directly to a wallet. Possibly price protection would be limited to a certain time frame, maybe a week to a month or on a tiered percentage plan to prevent people from abusing it as a safe harbor if prices dropped for some reason.

Now in theory, Mohammed just got his pay check and sent a portion to Ali as safex cash who withdraws dollars for the atm at at Ahmed’s general store. Now Ahmed can turn around with his safex cash and buy more inventory from the safex market place, which he turns around and sells to Ahmed for the dollars Mohammed sent him.

I hope that’s not to long, confusing, and/or stupid. Basically, i think if streamlined and used as an automated western union, the safex atms could reach beyond the developed world and carve out a decent chunk of the remittance industry.


#2

This is exactly what I have in mind with the ATM network.

for #1. its kind of like a withdrawal voucher; this would make it really easy on the receiving end: some special voucher you can print out and take the cash.

for #2. seems easy to deal with considering the transaction is settled in advance; this is 2.0 version of western union using an automated teller machine.


#3

agree with you :slight_smile:
Safex atm can improve and simplify cross border payment process for sure


#4

You wrote: “Vouchers you can print”.

You might want to rethink this as history has proven that people, who had their gold bars stored at blacksmiths, also started to give out ‘I owe you vouchers’ when making payment to one other, which ultimately led to the creation of bank notes which were traded above the value of what the actual gold was valued at; Henceforth creating ‘debt-based’ trading of such notes.


#5

You’re right on that one, it’s better to skip that part.


#6

Storing Safex Cash is probably the most versatile format to store money; due to the expected wide range of products you can convert it into. That I believe is why BTC remains the top crypto currency: because overstock.com amazon.com they all have some way to consume real world things through purse.io etc;

Safex cuts out some of the middlemen from the equation, and makes it easier to conduct the trade via cryptocurrency. That is why if you bought safex from the atm to remit it; you could then so easily send the safex to your target within a small time frame.

So say your friend in Hong Kong need a some money, and you’re in London: you would go to an atm load up your safex cash… when he is ready or whenever in advance you wanted get his safex address, and send him the safex cash: he in Hong Kong then at any time can withdraw in cash from an atm; or spend on anything available to his location from the marketplace.