Australian digital payments firm DigtalX has signed an agreement with Telefonica to market its cross-currency cash remittance app AirPocket in Latin America.
The deal follows the successful integration of the DigitalX AirPocket App into Telefonica’s network.
AirPocket is a global, P2P remittance product that utilizes the Bitcoin blockchain technology. It allows anyone with a small cash float to act as a remittance broker.
The strategic agreement allows consumers in the United States and Canada to use AirPocket to transfer funds directly into mobile phone accounts of users on the Telefónica network in Argentina, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Mexico, Nicaragua, Panama, Peru and Uruguay.
Further countries will be announced as part of the broader roll out, DigitalX said. It expects AirPocket to be launched in the US before the end of the month on the App Store and Google Play.
DigitalX CEO Alex Karis said: "Our partnership with Telefónica is a significant development for our Company and the AirPocket application. The agreement with a Tier 1 telecommunications provider puts AirPocket into a very strong position. Telefónica provides access to a very large and lucrative market given that the telco controls a large percentage of the mobile phones in Latin America."
Telefónica CEO Oscar Namuche said: "This partnership will enable millions of Latin American expatriates who have access to a smartphone to send Movistar airtime to their home countries in an easy, clear and transparent way, so they can continue to contribute to their home and families."