Aave pay App Now Allows Users to Make Bank Transfers
According to a recent report, users of Aave pay can now use its app to pay bills via bank transfers. With Aave pay, users can now transfer money to family, friends, customers, their personal bank accounts, and pay everyday bills. It can also be used to pay income taxes, employee salaries, and other commercial or corporate expenses directly into fiat-based accounts.
Aave Pay Is Accepted Wherever Bank Transfers Are Accepted
Since the app transfers money to any bank account, it means crypto can be used for virtually any form of payment that involves a traditional bank.
The Chief Executive Officer and Founder of Aave, Stani Kulechov explained this in a recent announcement. He stated that: “This new application eliminates the obstacles of using crypto in our everyday lives. It addresses crypto’s expendability problem and builds a bridge for crypto to cross over into mainstream use,”
Using the App is straightforward, and user- friendly, and can be accessed either via mobile devices or web. All users have to do is to simply visit Aave Pay, select which virtual currency they want to use, the amount of fiat currency (USD, EUR, CHF, GBP, AUD, INR) they want to transfer and specify the recipient’s International Bank Account Number (IBAN). After this, the app calculates a competitive exchange rate and then inform the user of the final cost, then sends the money to the recipient’s bank account.
The COO of Aave, Jordan Lazaro Gustave said that:
“We are taking the concept of holding cryptocurrencies further, in a way that has not been done before, breaking the paradigm that cryptocurrencies are only assets people invest in and cannot be used as traditional currencies,”
Only 12 Cryptos Available
Currently, there are 12 coins available on the app, these include Ripple, Bitcoin Cash, Litecoin, LEND, Ethereum, Bitcoin, Cardano, Monero, Zcash, Lumen, and DAI.
