The platform connects senders directly to the merchants that serve their recipients’ basic needs back home. A new token, Remit, will enable senders to purchase digital vouchers (SureGifts) that can be delivered to billions of their recipients across the world instantly via SMS or e-mail. These vouchers can be spent directly for goods and services from SureRemit’s ecosystem of partner merchants within their community. The service will significantly reduce the cost of transfers, while ensuring that the recipientreceives the appropriate value as intended by the sender.
Remittances are a key contributor to global Gross Domestic Product ( GDP ) in many countries and can stabilize household income in the face of adverse income shocks. The Bank of Mexico reported that money sent home by Mexican immigrants was nearly $ 24.8 billion in 2015, overtaking oil revenues as a source of foreign income for the first time. Remittances to Nigeria exceed $20bn. Over 40 % of Somalis rely on remittances to meet basic daily needs. Remittances tend to be a steady source of earnings that don’t falter when other parts of a domestic economy might be affected.
The SureGifts network
SureGifts began to acquire local merchants to build acceptance for its digital vouchers in 2014. SureGifts generates digital vouchers that it distributes, and provides both e-commerce and physical merchants with the technology to accept them. Over 80,000 redemptions of SureGifts vouchers have already been completed by >25,000 recipients across partner merchants in the existing markets.
The SureRemit token (RMT) is an utility token built on the Stellar Network, designed to be used by immigrants and customers within the SureRemit platform. Following this standard, SureRemit tokens are easily transferable between users and can be supported by wallets and exchanges that already support Stellar lumens. Within the SureRemit ecosystem, the Remit token (RMT) will be used internally to access vouchers and pay bills for targeted remittances. Immigrants and customers in general will be able to select the country they want to send value, search for the right merchant in a category and create an order for a voucher to be delivered to the recipient via SMS or Email, and pay in RMT token.
Total Token Supply: One Billion RMT Tokens
One $RMT = $0.02
Accepted: XLM, ETH, BTC, LTC
Transaction fees are negligible on Stellar (.00001 XLM ~= $0.0000002). 10 XLM/offer deposit (refunded when offer filled or canceled). No gas fee for computations. The cost of transactions on Ethereum depends on complexity of computation, speed of transaction, and fiat value of ether. The median cost for a transfer is $0.094.