BitSIM has developed a small, zero-footprint "card" that attaches to any SIM, turning it into a bitcoin wallet that permits user to send/receive bitcoin via NFC or encrypted SMS without using carriers' mobile money services. The value proposition, then, is not only that the wallet uses bitcoin but it bypasses any transaction fees ordinarily associated with mobile money transfer--fees that can be quite expensive
BitSIM is a thin, flexible card that can be stuck on any existing SIM card as an add-on hardware layer. BitSIM converts the SIM card into a fully encrypted bitcoin wallet compatible with a wide range of cell phones, including cheap and unsophisticated feature phones. “BitSIM puts bitcoins on any SIM, on any mobile phone, for mass adoption and frictionless ecosystem uptake,” claims the BitSIM website. Users will be able to pay locally with NFC-enabled phones, but also send and receive bitcoin with a simple SMS to other users anywhere in the world. The BitSIM website notes that this simple application can disrupt the $1 trillion remittance market, which is poorly served by companies such as Western Union.