Abra Bitcoin Wallet App Integrates American Express

in #bitcoin7 years ago

The bitcoin wallet with its own network of human tellers around the world, Abra, has just integrated a new way of buying bitcoin inside its app. American Express cards have been added as a funding option in addition to cash and bank accounts.

Also read: Abra Now Offers Deposits and Withdrawals at 60+ US Financial Institutions

Integration with American Express

Bitcoin wallet and payments service provider Abra announced a new feature on Tuesday to let customers fund their Abra wallet using American Express (Amex) cards. The company explained:

With this new funding option, American Express card members can now add funds to their Abra wallets immediately and send payments worldwide. This feature will be made available to a small group of Abra wallet users today and will be rolled out to our entire user base in the coming days.
Users need to already have an Amex card to use this option and they cannot sign up for one within Abra. In its announcement, the company provides information on how customers can sign up for an American Express card online.

Fees and Limits

American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet AppAbra recently updated its fee schedule. The company advertises “no transfer fees. Plus, sending money using your bank account, Abra wallet balance or your Bitcoin wallet is always free.”

However, adding funds via an Amex credit card has a 4% fee. Adding or withdrawing funds via an Abra teller also has a fee starting at 1.5%, that goes directly to the teller. “When you add funds using cash at an Abra Teller, the Teller charges a small service fee. Tellers set their own fees, which are visible within the Abra app, so you always know how much you are going to pay,” the company clarifies.

American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet AppAbra has also updated its transaction limits. Amex credit card deposits have a daily limit of $200 and a $1,000 monthly limit. Bank deposits and withdrawals have a $500 daily limit, a $1,000 weekly limit and a $2,000 monthly limit. However, Abra warns that “bank regulations may supersede Abra’s limits: please check with your financial institution.” Meanwhile, bitcoin deposits and withdrawals have no limit.

Eligible cards are consumer cards issued by American Express or third-parties that are licensed to issue American Express-branded cards. American Express reloadable prepaid cards including Bluebird and American Express Serve cards are also eligible.

Abra Tellers Standing by in 170+ Cities Globally

American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet AppLaunched in 2015 and available worldwide earlier this year, the Abra smartphone app is a bitcoin wallet that shows the balance in the currency of the user’s choice. In addition to bitcoin, the Abra app currently supports over fifty currencies, the company detailed, adding that “even if your local currency is not supported, you can still use the Abra app for exchanges in any supported currency.”

Only users themselves have access to their own private keys in Abra, even if the wallet’s balance is denominated in a fiat currency such as dollars or yen. Using smart contracts, Abra wallets can send or receive bitcoins to and from other Abra users and the network of human tellers for loading or cashing out in whichever currency the recipient requires.

In April, Abra announced that users in the U.S. and the Philippines could start buying bitcoin via over 60 banks and credit unions in the U.S. In May, the company announced that customers can use Abra Tellers to make cash deposits and withdrawals in over 170 cities and 50 countries worldwide, including over 1,500 Tellers in the Philippines.

American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet App

What do you think of Abra integrating with American Express? Let us know in the comments section below.

Images courtesy of Shutterstock, Abra, American Express