Brazilian payment and service gateway Kamoney will be integrating Dash, which will expand Brazilian’s ability to live off Dash by paying bills in Dash or making everyday purchases via gift cards and other methods.
Kamoney provides multiple services on their platform, including wire transfers to clients bank, utility bills payment, and prepaid gift cards for many services such as mobile top ups to help Brazilians live off of cryptocurrency. The platform allows consumers to pay utility bills via the Barcode system (Boleto), which is a form of universal payment in Brazil. Kamoney also provides a B2B payment gateway to allow vendors to accept Dash as payment and also have the funds auto converted to fiat to avoid volatility risks.
Ernesto Contreras, Business Development Manager for Dash Core Group, spoke about what the integration means for both Dash and Latin America, and gave credit to Dash community member and media personality Rodrigo Ambrissi for securing the integration:
“Thanks to the efforts of Brazilian colleague Rodrigo Ambrissi, Dash has grown into a well-known and trusted cryptocurrency in the rapidly growing fintech community in Brazil; and this will be essential to increase Dash usage in the country, and complement our other efforts in Latin America. Kamoney enables transacting in Dash locally, and will also allow for global Brazilians to pay for goods and services to their families back home. This is a great sample of teamwork, and we are happy to welcome Kamoney to the Dash family.“
Enabling Brazilians to live entirely off of Dash
For cryptocurrency to go beyond the adoption of just by niche enthusiasts, it seeks to become useful as an everyday payment system. Kamoney’s CEO Vinícius Simões believes that Dash fits this purpose accurately:
“We believe the future of cryptocurrencies is in practicality, and always seeking a high-quality customer experience. Integrating Dash is an obvious step for us, as their immediate transactions and almost negligible fees allow for maximum performance and improved user experience for the Kamoney network”
The elimination of frustration with fees and poor customer support is a major step towards convincing consumers of the advantage of cryptocurrency over traditional methods. Kamoney only charges around 4% for merchants to accept cryptocurrency, which is less than the average credit card fee of 7% in the region. Dash contributes to this goal by not adding any significant network fees of its own since it costs less than one cent to send a Dash transaction in seconds. This, combined with the prospect of gaining new customers, can provide a compelling reason for merchants in the region to accept Dash
Additionally, Kamoney allows bills to be paid easily via the Boleto system, enabling users to take care of most expenses using Dash. Further, the ability to purchase gift cards with cryptocurrency helps expand consumers options to live off of Dash by opening up access to retailers that may not accept it directly. Kamoney is also testing the use of a cryptocurrency debit card, which makes the seamless use of cryptocurrency virtually endless from what consumers are already used to, but the card is limited in availability right now.
A major adoption barrier is enabling consumers to actually live off of cryptocurrency since most consumers will not go out of their way to use a money that is not widely accepted. Thus, the ability to pay bills, and merchants ability to easily accept, Dash helps make the value proposition more clear to average consumers.
Kamoney paired with Uphold now makes for a cost-effective remittance system
The Kamoney integration also enables a special use case for low-cost remittances. Uphold recently got rid of the fee to withdrawal from their platform to a Dash wallet, giving a flat 1.25% fee to covert between fiat and Dash. Now, the recipients of remittances do not have to pay a withdrawal fee, enabling even small amounts to be purchased and sent, as a remittance for example, without incurring additional large fees. Paired with Kamoney, this becomes a powerful tool by enabling individuals to easily receive Dash remittances, which can then be instantly spent via the bill pay system or on gift cards to make everyday purchases, all without incurring significant fees, giving a strong use case for Dash to grow as a remittance option in regions where it can be spent directly.
