view larger

Erstwhile bitcoin ATM-maker Robocoin has announced that it is exiting that business with the launch of Romit, a global cash remittance solution powered by the company's Romit Cashier app.

The app will enable any Romit-enabled kiosk, ATM, or human cashier to send a customer's money domestically or abroad in any currency, the company said in an announcement, asserting that Romit is "the cheapest and fastest global cash remittance solution, targeting micro-remittances under $200."

In essence, the solution converts cash to bitcoin via a Romit service provider and then unlike fiat currency, and then transmits it to any place in the world almost instantly using the digital currency's block chain technology, and without the intervention of a bank.

Recipients receive funds directly to their Romit (formerly Robocoin) Wallet. They may then convert funds into their home country's currency or leave it in the Romit Wallet until needed.

"We've removed the hidden fee of foreign exchange pricing in favor of a flat 4 percent," the announcement said. "Sending $20 with Romit costs 80 cents, whereas the market leaders charge $5 to $10. We are the first 'bitcoin' company to provide a cash end-to-end solution that keeps the complexities of bitcoin behind the scenes while leveraging its strengths."

The service will allow Robocoin ATM operators, entrepreneurs, money transmitters, pawn shop networks, and others to enter the huge and growing remittance business "in a big way," the company said:

Romit lets Robocoin's operators scale and grow their businesses — not by buying more kiosks, but by onboarding partner stores with the Romit Cashier app. For example, our partners in Romania and Italy, a $1.1 billion remittance corridor, have their sights set on market penetration and are looking to scale from three kiosks each to hundreds of Romit-enabled human and machine locations before the end of 2015.