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Bisq exchange growth experiments
https://bisq.wiki/Growth_team
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Add WorldRemit - Multi-currency payment method #230

Open pazza83 opened 3 years ago

pazza83 commented 3 years ago

WorldRemit - Multi-currency

Website: https://www.worldremit.com/ Terms and conditions: https://www.worldremit.com/en/about-us/terms-and-conditions

Background

Multi-currency payment methods are a good addition to Bisq as they increase accessibility to markets for more users.

Why

WorldRemit is an established multi-currency payment service.

Region

Multiple counties over 130+

Currencies

Multiple

Chargeback risk

Low

Size of user base

Large payment can be made to lots of bank accounts including:

Data requirements

Verification

TLSNotary

Duration

From 1-6 business days. Therefore, recommend 6 days as trade time.

Fees

Anything from $1-5 USD or local equivalent

Users will be aware what it costs to send.

Fraud risk

Low

Payment amounts

Within 0.25 BTC limit

Additional information

I originally discounted this payment method as no WorldRemit to WorldRemit payment is possible. However if technically possible my proposal is for WorldRemit to be a 'taker' account only.

WorldRemit accounts would be able to take offers on any of the following payment methods:

For example a user based in South Africa would be able to take a SEPA offer on the EUR market and pay in ZAR, This would be converted to Euros and the seller would receive the full amount of their trade from WorldRemit.

Conza88 commented 3 years ago

Large payment can be made to lots of bank accounts including:

  • SEPA (EUR)
  • Faster Payments (GBP)
  • Interac e-Transfer (CAD)
  • Wire Transfer US (USD)
  • National Bank Transfer (Multiple currencies)

How do they do it? Is it built on SWIFT? ;o

The ability to do National Bank Transfers for multiple currencies would be stellar.

Whole reason I think SWIFT is vital, with all those banks.

However if technically possible my proposal is for WorldRemit to be a 'taker' account only.

WorldRemit accounts would be able to take offers on any of the following payment methods:

  • SEPA (EUR)
  • Faster Payments (GBP)
  • Interac e-Transfer (CAD)
  • Wire Transfer US (USD)
  • National Bank Transfer (Multiple currencies)

Ooooh yes! Never thought of "take only" accounts. Very good idea.

pazza83 commented 3 years ago

How do they do it? Is it built on SWIFT? ;o

No they use local banking partners. So if you buy BTC in EUR from say Canada you will pay using credit / debit card or bank transfer in CAD, they will then send Euros from a local European bank to the seller's SEPA account.

Conza88 commented 3 years ago

Epic. So kinda similar to TransferWise style? (not TW -> TW , but the background 'magic').

Data requirements Account name

We sure about this? https://www.worldremit.com/en/faq/bank-transfers#12679

_How do I make an international bank transfer?

It’s so easy to make international bank transfers using our website or app. Just follow these simple steps:

  1. login or sign up for a WorldRemit account (it takes just 2 minutes to create an account)
  2. select the country and amount you want to send
  3. enter your recipient’s details (name, address, phone number) and bank details (bank name, IBAN number and SWIFT code)
  4. pay for your transaction_

How does the WorldRemit Wallet work?

The Wallet works by using a user’s mobile telephone number as their unique Wallet account number. This means it’s easy to send funds to your recipient as you just need their number. It’s also quick as payments are instantly processed. It doesn’t even matter if they don’t have a Wallet at the time you create your transfer. We’ll send them a text inviting them to open their Wallet by downloading the WorldRemit app.

Wallets are automatically connected to our existing payout network, meaning when a Wallet user wants to remove some funds from their Wallet they can choose to send money to other people or withdraw money to themselves. Funds can either be sent to other WorldRemit Wallets or be delivered as a cash pickup, mobile money or bank transfer, depending on the payout options available in a particular country._

So this is using WorldRemit Wallet?

Q - Is there a way for "maker" of WorldRemit BUY BTC e.g. BUY BTC to be taken by someone in SEPA (EUR), Faster (GBP), National banks etc?

pazza83 commented 3 years ago

Epic. So kinda similar to TransferWise style? (not TW -> TW , but the background 'magic').

Data requirements Account name

We sure about this? https://www.worldremit.com/en/faq/bank-transfers#12679

Yes, it is like sending a payment from your TransferWise account to someone's bank.

As it would be taker only, the WorldRemit user details is not important.

If you want to use WorldRemit to buy BTC from me using SEPA I do not need to know anything about your WorldRemit details. Only enough to link the payment I received to your trade.

How does the WorldRemit Wallet work?

Thanks I did not see the wallet service. https://www.worldremit.com/en/faq/wallet#21307

I will have a play with it sounds like it could be useful for WorldRemit - WorldRemit transfers.

I have used WorldRemit a lot to send funds to myself in other currencies and it always works well and fees are reasonable.

Conza88 commented 3 years ago

Tested worldremit. Experience added in Community Forums.

pazza83 commented 3 years ago

WorldRemit has been scored for inclusion to Bisq:

Essential Desirable Definite No’s
Very low risk of chargeback No risk of chargeback < very low risk of chargeback
Way to verify the sender in the received payment Way to verify the sender in the received payment and ability to enter a reference No way to verify the sender in the received payment
Trade time less than one week Instant payment Trade time more than one week
Singular Fiat currency Multi-currency Not a payment method for fiat currency
Significant user base Large user base No significant user base
High usability High usability and great user experience < high amount usability
No KYC required for sending and receiving payments No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required) Some KYC required (proof of address, ID, selfie) for sending and receiving payments
Low risk of scam attempts Very low risk of scam attempts < low risk of scam attempts
Traders can provide evidence of payment / receipt Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar Traders will be unable to provide evidence of payment / receipt
Minimum limit at least equal to at least account limits protocols No minimum limits Minimum limit not able to achieve account limits protocols
Maximum limits equal to at least 0.01 BTC Large payment limits up to 2 BTC Maximum limit is less than 0.01 BTC
Likely to increase liquidity Likely to increase liquidity and open markets for different countries and currencies Likely to decrease liquidity
Low risk of mediation Very low risk of mediation < low risk of mediation
Low risk for traders from government agencies No risk for traders from government agencies < low risk for traders from government agencies
Fees should not be a barrier to trading No fees for transactions Fees will be a barrier to trading
Only minor changes needed to trade protocol No changes needed to trade protocol > Minor changes needed to trade protocol

Score: 24/32 Percentage: 75%

pazza83 commented 3 years ago

WorldRemit - Proposed National Currency Payment Method

I am proposing that WorldRemit be added as a national currency payment method.

@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how WorldRemit will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.

Date proposal being made: 02.05.21 Date feedback to be provided by: 31.05.21

Name of payment method: WorldRemit

Required fields (eg)

Currencies accepted

Signing required: No

Bisq Limits: eg 0.25 BTC

Trade window: 6 days

Payment method limits: Please create as a 'buy-only' payment method (similar to Skrill). WorldRemit accounts would be able to buy from any other following offers:

Any relevant information for users: None

Screenshot of expected GUI: TBC

pazza83 commented 3 years ago

This payment method is a more complicated to add then the others.

User that sets up a Skrill account will only be able make offers to buy BTC AND take offers to sell BTC.

Make offers to buy BTC would be able to be taken by any of the following payment methods:

Take offers to sell BTC would be able to be taken by any of the following payment methods:

Limits, trade windows will be determined by the sellers of BTC not the buyer of BTC.

Here is the UX design:

Payment method - WorldRemit

pazza83 commented 3 years ago

NB: Design above should replace 'Email' with 'Account owner full name'

pazza83 commented 3 years ago

Information required for Bisq software strings:

Hi @jmacxx here is the information for the strings.

Let me know if you need anything else:

Special info about any of the inputs required for creating the payment account:

Please note WorldRemit is a payment method that allows users to buy bitcoin in multiple fiat currencies. It is not possible to use WorldRemit to sell bitcoin.

It is, therefore, possible to use a WorldRemit account to:

Please ensure to include your full name that matches your full name in WorldRemit. This will ensure that when you send funds they show from being from yourself.

WorldRemit payments also include payee address details. So please ensure you use a payee address that matches your registered address with WorldRemit. This will again ensure that when you send funds they show from being from yourself.

Special items to be aware about when sending payments (for BTC Buyers):

Please send payment only to the payment details of the BTC Seller as shown in Bisq.

Please send payment in the currency that matches the market that the offer took place on.

It is recommend to use your full name that matches your full name in WorldRemit in the payment description / reason for payment field. This will ensure that when you send funds they show from being from yourself. Where it is not possible to include a payment description / reason for payment field WorldRemit will automatically include your registered address in a payment information field.

Special items to be aware about when receiving payments (for BTC Sellers):

BTC Sellers should expect to receive payment via a third party (WorldRemit partner bank). This payment should be in the currency for the exact amount traded. The payee's name and/or address details should be shown within the payment description. This allows you to identify the payment as being from the BTC buyer.

pazza83 commented 3 years ago

Payment method on hold.

WorldRemit sent an email to customers on 7th October 2021 informing them that they will be disabling transfers to most European countries from 14th October 2021.

As SEPA is most liquid fiat market it makes sense to put this payment method on hold for the time being.