Ukraine's largest commercial bank helps integrate Bitcoin payments

PrivatBank, Ukraine’s largest commercial bank, now offers Bitcoin payment services to online retailers, converting it into fiat currency and depositing it into the merchant’s account, PSM7 reported.

Now that the bank has completed the test, PrivatBank can now provide Bitcoin settlement for online retailers. The news was announced by Christina Karmazin, head of PrivatBank's e-commerce department, at the "Cross-border e-commerce: Importing into Ukraine" conference in the Ukrainian capital of Kiev.

Essentially, buyers can pay with Bitcoin, while merchants will receive hryvnias (Ukrainian national currency) or euros.

Karmazin elaborated on the new functionality:

“We have completed the test service and are currently looking for partners willing to integrate [acceptance of] Bitcoin in the checkout page. [Also], our focus [is] not only on the Ukrainian market, but on the entire European market.”

The checkout process is similar to most online shopping processes. Buyers can select Bitcoin as a payment method at the checkout page. When the user scans the QR code, the Bitcoin transaction will begin. PrivatBank will convert Bitcoin to fiat currency at the exchange rate of hryvnia or euro (depending on the currency specified).

Karmazin also called for the country to regulate Bitcoin and cryptocurrencies, and she confirmed that PrivatBank had already applied to the National Bank of Ukraine.

PrivatBank did not comment for this story.

Original article: https://www.cryptocoinsnews.com/ukraines-largest-bank-helps-integrate-bitcoin-as-a-payment/
By SAMBURAJ DAS
Translation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/ukraines-bitcoin)