Delhi-based Bitcoin trading platform Coinsecure and US-based Bitcoin payment processor, BitPay partnered to enable merchants in India to accept Bitcoin payments and receive settlement payouts in India’s national currency, the Indian Rupee INR.
Bitcoin use in India and the entire South Asia has just received the required push to make the digital currency more mainstream globally as merchants in the second largest country in the world – more than a billion population – are presented with the opportunity to process its payment for the first time.
Mohit Kalra , CEO at Coinsecure, says to CoinTelegraph: “When we talk about the size of the market- there are over 1.2 billion individuals living in India right now. India is second in population size to China. Imagine if only 0.5 billion individuals got into the market. Huge potential. For some time now, Indian merchants were able to accept payments in Bitcoin but just not receive a payout in INR. Now, Indian merchants can accept payments in Bitcoin and receive a payout in INR. Bitcoin is no longer just an ‘investment’ in India but an opportunity to buy goods from Bitcoin accepting merchants.” India, a tech haven
Coinsecure will be the first company to use BitPay’s platform to offer Bitcoin payment processing to merchants in India and southern Asia. Aside from its population, India is a tech haven with many freelance software developers operating locally to serve a global market. This will likely ease the adoption level among the tech-savvy service providers to the wider populace.
On whether the India/South Asia region is a good market for Bitcoin, Kalra says: “Again, India has the second largest global population and many pain points with traditional options for payment. It is very difficult for individuals to obtain and use credit and debit cards in India and many […]
