Bitcoin Startup Piiko Takes On Global Pre-Pay

August 26, 2014 by

Image credit: Brendan Wood

Dubai-based Umbrellab launched Piiko in April as the first step in the bitcoin startup incubator’s grand plans to simplify utility payments for the world’s unbanked masses.

Covering mobile plans in over 100 countries including the major markets of US, UK, China, and Brazil, Piiko allows users to add money to their pre-paid mobile phone using the decentralized digital currency.

Umbrellab co-founders Tarik Kaddoumi and Sergey Yusupov, said “We started with mobile recharge as there was already a necessity, and the market was ripe in terms of the bitcoin community spending on various services and products worldwide.”

How Piiko Works

Bitcoin users who come to Piiko’s website can enter their mobile number, and if verified, can use the service to top up their mobile money account.

Originally handled through third party legal agreements, Umbrellab has taken on this leg of this circuit in-house.

Moreover the direct relationships forged between Umbrellab and global service providers ensures network stability for Piiko users.

According to monitor metrics and Umbrellab’s founders, Piiko has completed thousands of transactions and are gaining traction quickly. Bharat Sanchar Nigam Limited, India’s state-owned telecommunications company serving 117 million customers, and Vietnam’s largest mobile network operator, Viettel Group, are some of the larger telecoms doing agreements directly with Piiko.

Piiko is a part of a growing trend towards accommodating the millions of non-bank consumers who are now able to manage payments in a more efficient and cost effective way.

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