Posted 3 years ago | by Ben Armstrong
Abra Opens Options for 7-11 Payments
In a potentially brilliant business move, Investment app provider Abra is to sell cryptocurrency for cash at 6,000 outlets across the Philippines.
The firm sealed a deal with local payments company ECPAY to access its network that includes all 7-Eleven stores. By targeting 7-11, Abra introduces cryptocurrency to a wider market, removing the layers of mystery and confusion that still surrounds crypto.
The service lets any user of an Abra wallet purchase crypto via 7-Eleven’s CLIQQ app or kiosks. There are terms and restrictions for the service, including a minimum deposit requirement of 500 Philippines pesos (roughly $10) and a maximum purchase amount of 100,000 pesos (over $1,900) per day.
Users will be charged a two percent transaction fee. By offering thirty cryptocurrencies and fifty fiat currencies through the wallet, Abra gives their users different purchase options.
Cryptos for Use in the Real World
According to Abra founder and CEO Bill Barhydt, “Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks.” Stock options include Google, Amazon and Facebook, all of which grants users the chance to build wealth in a variety of ways.
In February, Abra announced that it was launching a new service that allowed customers to invest in fractions of stocks of NASDAQ-listed firms.
The new partnership also offers the product and service offerings not only to 7-Eleven, but also to NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners.
New Payment Options
This business agreement makes cryptocurrency more accessible, bringing it into the mainstream, and reinforcing the convenience in convenience stores.
It also increases the Philippines presence as a leading crypto market, embracing new tech and alternative payments. Abra isn't the only entity adding crypto payment solutions to its arsenal. The embattled Deutsche Bank has decided to join JP Morgan's blockchain-based Interbank Information Network (IIN).
The move to blockchain-based payment systems seem to be gaining momentum, but the nature of the systems has yet to be determined.
Existing banks want to make their platforms a new industry standard, while blockchain pioneers are working to create platforms that don't require a central authority. While the outcome is unknowable, efficiency would suggest that decentralized options will be more popular in the long run.