Last updated on February 18th, 2015 at 06:45 am
A new service called BitMoby allows users to send between $10 and $100 to other mobile phones without any form of registration, reports CoinDesk. BitMoby currently works with mobile companies in over 110 countries around the world, including the United States, Russia, and even smaller nations such as Saint Kitts and Nevis.
BitMoby is operated by Australian mobile payments giant mHITs Limited, which was founded in 2004 to provide customers with a wide variety of mobile money services. The company has previously served Australian customers with mobile point of sale, wallet, and bill payment services. With the new BitMoby service, the company is hoping to open its doors to the international marketplace.
Harold Dimpel, the CEO of mHITs, mentioned that digital currency is a very exciting new frontier and a wonderful chance for his company to test the waters of cardless payments.
BitMoby makes it very simple for customers to get started; there is no need for customers to divulge any identifying details about themselves. A new user is simply required to enter the recipient’s mobile number, email address, and the country they are located in. For the second step, an address is provided where the user has to send bitcoin and the amount that is desired. The user has approximately 10 minutes to complete the transaction at the rate specified by the BitMoby platform. Once the transaction is confirmed on BitMoby’s end, the recipient’s phone is credited. Currently, the BitMoby platform supports roughly 50% of all mobile carriers in the world, and there are plans to integrate more.
The BitMoby platform is still in the development stages and there are some limitations, such as daily limits on transactions amounts and various other little kinks that need to be smoothed out. Since digital currency is not yet regulated on a worldwide scale, BitMoby does not have to abide by any Know Your Customer (KYC) regulations which are required with international fiat currency transfers. This makes the money transfer process much less bureaucratic and cumbersome.
BitMoby does not store the bitcoin that is received from customers due to various storage and security risks that are involved. All funds that are received from users are cashed out or settled with the company’s mobile operator partners. Like BitPesa, a mobile bitcoin transfer service that raised $1.1 million recently, BitMoby hopes to use bitcoin to provide consumers with a much more streamlined and efficient payment system.