Coinsecure has teamed up with BitPay, making it the first company to use the BitPay API to bring payment processing to merchants in India and southern Asia. While it's true that merchants in India had been able to accept Bitcoin payments using BitPay's payment processing, many haven't had the option to receive settlement payouts in India's currency, the Indian Rupee. Coinsecure's new payment service built on the BitPay API changes this.
The new Coinsecure platform will allow merchants in India to accept payments in Bitcoin without the price volatility or legal and accounting complications of holding Bitcoin.
James Walpole from BitPay said:
“This is a major advancement for Bitcoin in India, and we are excited to work with Coinsecure to make Bitcoin payments more accessible to the country's merchants and consumers.”
Several India-based companies have already begun accepting payment in Bitcoin through Coinsecure's platform, these include:
- First Principles Ventures – a business and technology consulting firm.
- Lazy Eight Design – a design firm, as the name suggests.
- Kartmagic – a SaaS (Software as a Service) based eCommerce platform which helps create online stores.
- Zraya – a business providing personalized furniture for offices and homes by connecting buyers and local manufacturers through a curated list of functional furniture designs.
With Coinsecure delivering merchants the ability to receive payments in Bitcoin and withdraw that money in rupees, it is more likely to be adopted by a wider audience in India. Merchants also have the option for the Bitcoin to be immediately switched to rupees and sent into the merchant's bank account so that they're not hit by price fluctuations common in the Bitcoin world. Coinsecure says that the new platform will allow merchants to expand their customer base.
BitPay has done a lot of work to make the Bitcoin crypto-currency more accessible to a wider audience, just last month it released a Visa card for US Bitcoin users, to make spending the currency much easier.