DigitalX updated AirPocket app goes live in the US

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Published 08-MAR-2017 14:10 P.M.

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2 minute read

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Shares in DigitalX (ASX:DCC ) opened 10% higher on Wednesday morning as it resumed from a trading halt and announced that the update to its AirPocket app allowing money transfers into certain countries in Latin America had gone live in the US on Android, with availability for Apple users to follow shortly.

DCC is a Blockchain-enhanced software solutions group disrupting the payments industry. AirPocket is the company’s flagship product, which allows consumers to make secure and cost-effective money transfers worldwide. Companies can also use DCC’s AirID technology to leverage the benefits of the Blockchain.

AirPocket is the first Blockchain enhanced mobile payments application in the world, and the launch marks a significant milestone for DCC as it now offers users in select countries the ability to make low-cost cross-border money transfers to friends and family from the US.

While the product and technology is highly scalable, initially El Salvador with 1000 payout locations and the group’s core market of Mexico with over 14,000 payout locations will be able to use AirPocket for money transfers.

However, whatever the take up of this will be remains to be seen. Investors considering this stock for their portfolio, should seek professional financial advice.

Outlining the significance of this development, DCC Chief Executive Leigh Travers said, “This is the first step in our vision to provide low-cost financial services to the underbanked immigrants of the world where there remains a heavy reliance on legacy infrastructure, making our bank-grade Blockchain technology extremely relevant”.

Travers highlighted the fact that the goal of AirPocket is financial inclusion, which through the use of Blockchain technology can be used to create a user’s digital and financial identity, forming the basis for enhanced access to credit and other financial services.

DCC Acting Chair, Toby Hicks stressed that the group will be looking to grow the availability of AirPocket money transfers, not only through Latin America, but in new markets around the world, while at the same time monitoring its use and learning as much from this launch as possible.

On this note the company will have an opportunity to showcase the app to potential new markets in coming weeks after being added as a delegate by Australian government bodies for a number of upcoming international events which showcase the country’s leading financial services and technology companies.

It is often the case that opportunities such as these lead to the negotiation of new agreements, developments that are potential share price catalysts.

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