Cryptocurrency enthusiasts around the world can take advantage of the newly launched Aave mobile application for Android and iOS to pay utility bills using virtual assets. They can also send money to bank accounts owned by family and friends in other countries. Also, the app allows employees’ salary, income taxes, among others to be paid with digital currencies.
Aave Launches App and Website to Pay Bills With Cryptocurrency
Aave, a tech company backing the ETHLend project has launched Aave Pay. The latter is a mobile and web-based application which allows bills to be paid using cryptocurrency. In a press release on February 27, the company stated that users of either platform will be able to choose from 12 virtual assets to make payments. Some of these are Bitcoin, Bitcoin Cash, Ethereum, Ripple, Cardano, Monero, Litecoin, Dash, Zcash, and DAI.
In the same vein, payments can be processed using Aave Pay in regions where bank transfers are accepted. That being the case, the user-friendly app can be used to send money to bank accounts. This is made possible by selecting the fiat currency that should be remitted and in what amount.
Enabling Cross Border Payments With the Use of Cryptocurrencies
Here, a user of the app or website can either settle for paper currencies such as the U.S. dollar, Euros, Pound Sterling, Australian dollar, Swiss franc, or Indian rupee. They can then specify the recipient’s International Bank Account Number (IBAN). The final cost will be set and the user alerted on the cryptocurrency’s worth that will be debited based on the exchange rate.
Stani Kulechov, CEO and Founder of Aave said:
This new application eliminates the obstacles of using crypto in our everyday lives. It addresses crypto’s spendability problem and builds a bridge for crypto to cross over into mainstream use.
Allowing Payments to be Processed Using Virtual Assets
Aave is among several other companies that are trying to encourage the adoption of cryptocurrencies for payments. On December 18, BTCNN informed that Atletico Mineiro, a Brazilian football club will be allowing its fans to purchase game tickets with cryptocurrency. Orion Span’s trip to space was also allowed to be paid for using these virtual assets.
Despite this, BTCNN’s report on February 26 revealed that there is a decline in the use of Bitcoin for payments in comparison to 2016. After the merchant bubble adoption in 2014, some merchants removed the payment feature from their platform. It was also noted that investors of late, are more interested in trading and investing their cryptocurrencies instead of making payments with it.