The Abra crypto investment app will enable users to buy cryptocurrency with fiat at 6,000 retail businesses in the Philippines.
Abra’s new implementation is due to a recent partnership with local payments company ECPAY, which will enable Abra to access its network of merchants that also includes all 7-Eleven stores in the country.
“Today we announced a new partnership with ECPay allowing more ways for Abra users in the Philippines to conveniently add money to their Abra wallet through any of ECPAY’s 6,000 retail outlets across the Philippines, including all 7-Eleven stores.
Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast.
That’s why we are really excited to announce our new partnership with ECPay and 7-Eleven stores. It’s one more step towards making cryptocurrency use and investing simple and accessible to everyone,” – read the post on Abra’s blog.
Abra wallet owners will be able to buy crypto by using 7-Eleven’s CLIQQ mobile app or kiosks. The minimum deposit requirement is of 500 Philippines pesos (roughly $10) and the maximum daily amount one can purchase is 100,000 pesos (over $1,900). A two percent transaction fee will be charged for the service and users will be able to buy all the supported cryptos on via their wallet.
Regarding the new expansion, the Abra founder and CEO Bill Barhydt made the following statement:
“Now Abra users in the Philippines can quickly and easily add pesos into Abra and use that to invest in cryptocurrencies or popular stocks like Google, Amazon, Facebook, etc., which opens up a world of new possibilities to build wealth.”
According to Trisha D. Pascual, general manager at ECPay, this new collaboration “widens the product and service offerings of ECPay to its Collection Partners like 7-Eleven, NCCC Department Stores and Supermarkets, LCC Malls and other Remittance, Pawnshop partners.”
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