Indian Bitcoin Platform Unocoin to Partner with International Payment Processor PayU Biz

Golden Finance News - As an emerging Bitcoin market, India has seen a sharp increase in demand for privacy currencies since the end of 2016.

Unocoin, one of the “four major” Bitcoin platforms in India. Image source: Golden Finance

As the Bitcoin community is thriving across the country, its leading Bitcoin platforms are providing an easier environment for the entire transaction and trading process. Unocoin, one of the “big four” Bitcoin platforms in India, has announced a new development that will make the purchase of Bitcoins more convenient, according to an Unocoin spokesperson.

The company is expected to work with international payment processor PayU Biz to simplify the process of purchasing Bitcoin through online banks.

Most Indian Bitcoin platforms allow customers to purchase or redeem Bitcoin for their accounts on the platform through wire transfers. This process can sometimes take up to 24 hours for a personal account to purchase Bitcoin.

The lack of alternative convenient payment options in India is mainly due to the reluctance of mainstream payment processors to provide services that protect user privacy and security.

Most Indian platforms allow purchasing or exchanging Bitcoin for accounts via wire transfers. Image source: Golden Finance

Unocoin and PayU Biz’s recent deal with a South African bitcoin payment solutions provider with a sway in the country’s corporate sector suggests bitcoin is slowly gaining acceptance among businesses in the country.

Some of the more forward-thinking Indian dailies quoted Sathvik Vishwanath, co-founder of the bitcoin platform Unocoin.

“As demand for Bitcoin increases, this integration will allow Unocoin customers to purchase Bitcoin even on weekends,” he said.

However, media reports and company statements indicate that bitcoin platform Unocoin does not use PayU Biz’s full payment solution, as the platform also supports credit/debit cards and mobile wallet payments.

Other Indian merchants are also rolling out new features on their platforms, offering multiple online payment options, while other Bitcoin platforms are following the lead of Unocoin and PayU Biz’s integrated payment solutions.

Based on the performance of Bitcoin platforms in India today, it is expected that the payment methods provided by payment companies to Unocoin and other crypto platform businesses are likely to expand in the near future.