Abra, the Bitcoin-based digital wallet service that allows people to send, receive and withdraw cash on their smartphones using the mobile application and Abra Teller network has entered the US market. Abra’s entry into the United States now makes it an international player.
The company, with plans to cater to the global audience, was available only in the Philippines until now. With is launch in the US, Abra users in both the countries can now send and receive money over the platform. Abra was created keeping the requirements of both cash dependent and cashless economies in mind. While the mobile application allows users to make electronic transfers to and from their bank accounts. Those who do not have a bank account or wants to make cash transactions can do so by converting the digital cash sent over Abra network to physical cash at Abra Tellers in their neighborhood. However, Abra Teller network is currently available only in the Philippines.
Similar to the operation in the Philippines, users of the platform in the United States can send digital cash to any user in the United States and the Philippines. According to the company, Abra makes fund transfer as easy as sending a WhatsApp message. With cross-border remittances going over $500 billion per year, generating over $25 billion in transaction fee alone, Abra is in the right market with a lot of potential. Most of the global remittance happens between developed and developing nations, as people emigrate out of the developing nations for work and regularly transfer a portion of their earnings to their families back home. Another significant remittance segment includes parents who send money on a regular basis to their children studying overseas. They will also benefit from Abra’s services.
The company is also actively recruiting Abra Tellers in over 75 different countries and soon the service will also be launched in other countries as well.
Ref: Abra Blog | Image: Abra