Are merchants of India using Bitcoin payments
Jul 29, 2017 Posted / 1507 Views
The number of people buying Bitcoin in India is increasing day by day. The future of merchant acceptance in India is set to grow with more and more people using Bitcoin. There are lots of benefits of accepting bitcoin like, Lower transaction fees, no charge backs, fraud prevention and getting paid quickly. India has started accepting bitcoin but it may take some more time to keep its hand in the economy. RBI is also watching on it.
Etravelsmart.com is one of the first ecommerce in India who accept bitcoin in India. He was in the field of bus booking. They are happy to introduce bitcoin payment gateway through Unocoin. It makes their customer’s payment easy and secure. All their customers across India can book bus ticket by using bitcoin payments. eTravelsmart are proud of that.
Demonetization of the old Rs 500 and Rs 1000 notes has pushed people towards digital transaction. But people still views in queues outside bank and ATMs. For the practical purpose India is still a cashfirst country, the reason of is, lots of services still depend on cash transaction. The backbones on which digital economy can grow are wide scale digitations.
There is another kind of currency that is slowly but surely achieving noticeable idea in the Indian construct, while war between the digital currency and physical currency carries on. Now bitcoin become more popular. Bitcoin trading is being increase over the last month and so it was reaches its highest value. The average numbers of visitors has crossed 14,000 from its daily average of 4,000 users before demonetization explained by India’s leading company Unocoin. A local bitcoin company Zebpay also seen trades worth 75 cr. in no vember 2016.
Bitcoin trading is happening in India and over 500 merchants have started accepting bitcoin in India. On the major Indian exchanges trading value are growing rapidly. The bitcoin transaction fees as low as 1 percent in compare to regular currency transaction fees. It is the miner’s computers that confirm transaction so transaction fees are too much low.
In India there is no need to provide any payment information, therefore in India bitcoin become more and more popular, says ePaisa’s ECO and co-founder Siddharth Arora. He also announced that “to digitize India we also need to digitize the point of sale.
ePaisa brought to us an app which comes with a credit-card sized card reader which is eligible to securely accept chip-and PIN card payment and now it accepted bitcoin, prepaid wallet and invoice payment for business transactions. Customers scan a QR code and receive the fund in their bank count the next day free of charge, requested by Merchants. In the year 2014, ePaisa was chosen to be awarded with the Global Red Herring Top 100 along with the Asia’s top 100 awards.
The app is free and works on all smartphones and tablets running on Android and iOS, and app work in 32 languages. They want to introduce different kind of payment for the Indian business owner like Apple Pay, Android Pay and other forms of pay.
With prepaid wallets for online transactions, India has had huge success. ePaisa are enabling businesses to accept these wallets even for offline in store sales. It seems to power 25,000 businesses across all major metro cities in India by the end of this year.
For the Indian consumers bitcoin has already proven to be a popular payment method. Among top 20 counties for bitcoin transaction activity India has got ranked 388% growth in Asia’s Bitpay transaction volume in 2015. The country’s banking and governmental leaders are also attacked by bitcoin. Many of Indian merchants have not yet had the option to receive settlement payouts in India’s national currency, the rupee. On the BitPay API, coinsecure’s new service was built will help to change that. Without the price volatility or legal accounting complications of holding bitcoin, there platform will allow merchants of India to accept bitcoin payments.
Bitcoin offers a new perspective to receive the online payments from customers anywhere in the world without the widespread credit and access for India’s merchants and traders. More Indian consumer can also come to bitcoin for a payment method that chucks out the risk of credit card fraud and also lessens the costs of other traditional ways with an easy- accessible tool in India.
Merchants have already accepted bitcoin and signed up for consumer’s service. Bitcoin users in India can now utilise the digital currency with consulting firm as First Principal Venture, design firm Lazy Eight Design and the ecommerce platform Kartmagic.
For bitcoin in India, this is a major advancement, and people of India are excited to work with coinsecure to make bitcoin payments more accessible to the country’s consumers and merchants.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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