The CoinText service engaged in the implementation of Bitcoin Cash transactions appeared in access in Finland. It is based on sending text messages through which operations with cryptocurrency are made.
The company issued a press release stating that electronic transfers in Finland make up about 10 percent of GDP and are capitalized at $ 30 billion. At the same time, in the Philippines, about 40 percent of the population use smartphones, but only 5 percent have credit cards and actively apply them. Analysts note that CoinText makes it possible to work directly with text documents. This will expand the infrastructure, so that every owner of a mobile phone will have access to financial transactions.
New – well forgotten old
“Sending funds using text messages was designed specifically for countries where credit cards are not common. To facilitate the process, it was decided to introduce support for Bitcoin Cash, but now we are considering the possibility of introducing other currencies, ”said Vin Armani, who is the technical director of CoinText.
CoinText platform beta testing began last year in the Netherlands, Canada and the USA. Later, the site reached the UK. Currently, the service operates in 39 countries. The market of remittances of overseas Filipino workers (OFW) attracts other players, but it is customer service in text message format that is still considered the most relevant.