Abra, Philippines-based mobile payment service company, has recently launched its smartphone app.
The app, available on both iOS and Android, allows for fast money transfers within the Philippines and the US, and users in the Philippines can fund or withdraw money from their ‘Abra wallet’ either through an accredited Abra teller or their bank account.
With their digital cash, users can send money to friends or relatives within the Philippines or the US. Abra users can also use their digital cash to purchase things online even without a credit card.
Abra uses blockchain technology that allows people to store digital cash on their smartphones and send it to anyone else with the app. While it is free to send the money, recipients pay a small fee when adding or withdrawing cash from an Abra teller.
Abra does not charge for adding or withdrawing to a bank account, but users may be charged certain fees by their respective banks. Foreign exchange rates are displayed in the Abra app for every transaction and are typically much lower than other cross-border options.
“We actually launched in the Philippines before the US, because we see the market as a model of how we see the future of Abra on a global basis, with bank or cash-based funding and withdrawal options, online sales, and domestic money transfer. The U.S. is the largest single source of cross-border money transfers in the world, so bringing Abra to both markets is an important step toward realising our global vision,” said Bill Barhydt, founder and CEO of Abra.
Launched in 2016, Abra has received US$14 million in funding. The startup plans to expand to other countries in the near future.