Ratan Tata and American Express have invested in Abra, a Silicon-valley start-up on digital cash, similar to that of using Bitcoins, for sending and receiving money, and also for making payments for goods and services.
Here is the five things you need to know about Abra:
(1) Abra is a crypto-currency app start-up based in California, US. It allows people to store cash digitally, in any currency, and in any country, on a smart phone with no bank account required.
(2) Abra allows people to send and receive digital cash instantly using their smartphones, irrespective of country or currency.
(3) Abra is creating a network of agents called Abra Tellers, where people and businesses can buy digital cash using real money, and store on their Abra app.
(4) Abra app will be available on Apple Inc.’s app store and Google Inc.’s Play store starting with US, and Philipines in the coming weeks, and in other countries in a phased manner.
(5) Abra is also foraying into online, digital cash-based merchant payments.