Félix is a Whatsapp-based payments platform that enables U.S.-based Latino immigrants to send money back to their relatives in Latin America. Combining AI and blockchain technology, sending remittances on Félix is meant to be as easy and human as possible.
With over 5 million users, Bitso is the largest cryptocurrency platform in Latin America. With operations currently based in Mexico, Argentina, Brazil, and Colombia. As part of its services, Bitso provides on/off ramps currently for clients in Mexico and Colombia and is looking to scale this coverage soon.
In the US, remittances are largely still a manual process. People have to:
- Travel to a money-transfer operator to send or receive a remittance.
- Pay a transaction fee that can cost an average of $10 on a $300 ticket.
- Send or receive their remittances in physical cash, which can present safety concerns.
Yet, remittance senders and recipients go through all this trouble due to lack of more immediate options or hard-wired habits, preferring to talk to a human agent when sending money abroad. But what if there were a way to replicate this human experience via a digital medium, where transaction speeds are near-instantaneous, fees are fractions of a penny, and the entire remittance process is as simple as sending a text?