Bitcoin Wallet Circle has launched iOS and Android apps that will provide bitcoin services to everyday users like conversion of bitcoins and dollars. The app can be used to deposit, send or receive money and is set to compete with Apple Pay and PayPal which uses a similar system.
The app is similar to CurrentC that uses QR codes for in-store payments and provides features like Apple Touch ID integration on iOS, and increased security through multifactor authentication and pin codes. Peer-to-peer transactions involving sending and receiving money is done by using a contact address and a bitcoin address. The app can also be used to instantly convert dollars using bank accounts or cards.
“Payment products have been limited to domestic use and tied to one banking system out of thousands around the world,” said Jeremy Allaire, Circle Chief executive in a blog post.
Entrepreneur Allaire led Macromedia, played a major role in the development of Adobe Flash during 2000’s and is focused on bitcoin adoption for peer-to-peer payments. The company has raised $26 million till now. Currently the app is available only in the US though the company plans to expand its services to other worldwide markets. The web version of the app supports seven languages, despite its ability to link to bank accounts in the US. The app will be available for download from today.
The company is also hoping to capture emerging markets with its Android app due to its widespread reach in emerging markets and the web version in other countries. He stated in an interview that the shift to bitcoin for utility payments was necessary for person on merchant basis that will create organic consumer-led demand for using bitcoin. Circle app will face competition from the newly released Apple Pay that is partnering with major retailers and banks for its mobile wallet system.