DIGITALX LIMITED z
ASX ANNOUNCEMENT
17 February 2016
Highlights:
DigitalX signs agreement with one of world's largest telecommunications groups to use AirPocket through its Latin American mobile network
Over 100 million mobile phone users will have access to instant international money transfers via the DigitalX AirPocket app
The partner to be named shortly in conjunction with the completion of technical integration between AirPocket and the partner, which is currently in progress
Consumers in the US will be able to use DigitalX's AirPocket product to transfer funds directly into mobile phone accounts of users in Latin America
DigitalX will receive an 11% gross margin on the value of the transfer
This first AirPocket distribution agreement is a significant milestone and gives DigitalX an important strategic foothold into a large and rapidly growing market
Latin America is home to nearly 400 million phone users in 2015 so it is pleasing to obtain access to a quarter of the market with a single contract
This agreement is first in line of a number of strategic partnership currently being finalised
DigitalX Limited (ASX:DCC and "the Company") is pleased to announce that it has signed a marketing, distribution and sales agreement with one of the world's largest telecommunications groups that will give over 100 million mobile phone users access to AirPocket.
The strategic agreement will allow consumers in the United States to use DigitalX's unique money transfer and payment product, AirPocket, to transfer funds directly into mobile phone accounts of users on the partner's network in Mexico, Colombia, Ecuador, Perú, Panamá, Argentina, Chile, El Salvador, Guatemala, Nicaragua, Uruguay and Venezuela.
The partner cannot be identified at the current time due to confidentiality requirements but will be named shortly in conjunction with the completion of technical integration between AirPocket and the partner which is currently in progress.
The revenue generation potential from the agreement to DigitalX is significant as the Company will earn an 11% gross margin on the value of the transfer, which can range between $US2 and $US70 per transaction.
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The transfer of funds into the recipient's phone account can be done directly from the AirPocket app or by depositing cash through an AirAgent in cases where the sender does not have access to banking services.
"This is a major milestone in the commercialisation of our technology as it opens a very lucrative market for DigitalX given the large Latin American population working in the US. These migrant workers will now have an additional means to financially assist their friends and family back home" said DigitalX's Chief Executive Alex Karis.
"The agreement shows that AirPocket isn't only well suited for transferring cash between end-users but is also an ideal way for transferring digital funds and paying bills in a secure and timely fashion. This partnership is only the first step for DigitalX and we are working towards expanding our AirPocket offering throughout the region."
DigitalX Limited Zhenya Tsvetnenko Executive Chairman T: +61 8 9389 2000 media@digitalx.com Alex Karis Chief Executive Officer T: +1 (617) 544 3150 | Media Media & Capital Partners Melissa Mack +61 430 119 951 melissa.mack@mcpartners.com.au |
DigitalX is a Blockchain-based software solutions group disrupting the payments industry. Its products allow consumers to make secure and cost-effective money transfers worldwide. Partners can use DigitalX's technology to offer new financial products. DigitalX is based in Boston and has offices in New Jersey and Australia.
DigitalX Limited issued this content on 17 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 February 2016 21:23:09 UTC
Original Document: https://digitalx.com/wp-content/uploads/2015/10/AirPocket_Gains_Access_to_100m_Users_Via_Global_Telco_Deal-.pdf
