Abra Takes Bitcoin Adoption to 6,000 Retail Outlets in the Philippines
Bitcoin wallet provider and investment platform Abra says people can now buy cryptocurrencies at any 7-Eleven outlet in the Philippines. The news is the latest development in efforts to make cryptocurrencies more easily accessible to users in markets across the world.
Buy Bitcoin at Any 7-Eleven in the Philippines
Abra announced the news via a blog post on its website on Wednesday (September 18, 2019). According to the statement, Abra has inked a partnership deal with ECPay which allows users to purchase bitcoin and other Abra-supported assets from over 6,000 retail stores in the Philippines.
Abra wallet owners in the country can walk into any 7-Eleven in the country and convert cash to bitcoin. The maximum spend available per transaction is 100,000 PHP (about $1,900).
This move marks another milestone in the increasing level of cryptocurrency adoption currently sweeping through Southeast Asia. Apart from the emergence of government regulations aimed at supporting the industry, popular businesses in the region are beginning to accept cryptocurrency payments.
The partnership with ECPay also marks another attempt by Abra to make bitcoin even more mainstream. As previously reported by BTCManager, Abra wallet allows users in Europe transfer crypto directly from their bank account.
Recently, Alchemy debuted its hybrid payment system available to over 1.2 million retailers across Asia and the Middle East. The service allows these merchants to accept cryptocurrency payments from popular fiat wallets in the region like AliPay and WeChat Pay.
Making Cryptos Easier to Use
Ease of use continues to be one of the talking points within the broader conversation of mainstream cryptocurrency adoption. Commentators like Square and Twitter chief Jack Dorsey say bitcoin is still way off from being a global currency.
In a recent survey by ING, respondents in the U.K. and Europe, in general, said they still preferred settling their daily transactions in cash. Places in Asia like China already have a thriving electronic payment ecosystem.
There is a growing consensus around the notion of bitcoin as a store of value. However, the jury is still out on whether cryptos can function as an efficient medium of exchange.
Part of the issue comes from the suitability of cryptos for high volume microtransactions like paying for Starbucks coffee. To this end, easy access to crypto payment services and avenues to purchase digital ‘coins’ become paramount.
