Bitcoin is already being used in transaction in India but it has further gained popularity among enterprises and consumers after the digital currency is adopted by many of the merchants in the country. This is following the partnership between BitPay and Coinsecure in order to make bitcoin transactions easier for merchants in India. Coinsecure is also known to be the first company to introduce the bitcoin payment processing to businesses that are in India as well as in the southern part of Asia.
For bitcoin devotees that are located in India, Coinsecure must be a familiar name since it is the leading bitcoin and blockchain firm in operation in the country. Add that to the fact that the company has secured an investment from VC worth $1.2 million as of the moment. This is because of the number of services provided by the company including block explorer, wallet services as well as automated trading of the bitcoins. Coinsecure is one of the companies that investors have to keep their eye on.
The success that bitcoin is garnering from India is also an undeniable phenomenon. Many of the consumers are taking pleasure in using the digital currency as their payment method which makes India as one of the top 20 countries that using bitcoin in the world. Furthermore, the region is one of the reasons why the presence of Bitpay continues to grow in Asia and is now at 388 per cent – a feat like no other.
Before the partnership, Indian merchants have the capacity to accept payments in the form of bitcoins but there is no service that allows them to be paid in the country’s currency which is the rupee. Following the partnership between Coinsecure and BitPay, merchants now have the option to transfer their bitcoin transactions and convert it to the local curreny in the region if they want to. Keeping the funds in bitcoin is another alternative.
Bitcoin for merchants is a great opportunity for them to be able to do business all over the globe especially in Asia where there is a large market and a possibility for greater profit.