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Payza brings bitcoin buying option to 190 countries

20 August 2014  |  2089 views  |  0 Source: Payza

Payza, one of the world's largest and fastest-growing payment platform and services for ecommerce, corporate disbursements and remittances, has taken the lead in the international Bitcoin market.

The company, which has over 10 million consumers in more than 190 markets, is offering members the opportunity to withdraw funds from their Payza eWallets directly into their Bitcoin wallet. The Bitcoin payments are based on the exchange rate of both U.S. currency and Bitcoin value at the time of transfer. Even though a Bitcoin withdrawal takes 1-3 business days to process, Payza consumer exchange rates will be locked in at the moment of the transaction.

"As Bitcoin continues to evolve and mature, it's becoming more and more difficult to deny its potential, especially in the developing countries where our current consumers have limited access to a banking infrastructure" noted Firoz Patel, Payza's EVP of Strategic Partnerships and Corporate Affairs. "'Withdrawal by Bitcoin' is just the first step we are taking in cryptocurrency and only one part of an ongoing campaign we are initiating this week. We want to make sure that we accomplish four things during our initial Bitcoin campaign:

  • Provide our consumers with as much education about Bitcoin as possible
  • Recommend websites and resources with information on reliable Bitcoin wallet providers so they can make a decision on which wallet is right for them
  • Protect our members from fraud by implementing a robust review process
  • Make sure that our customers understand that they cannot buy Bitcoins from us using a credit card

With a verified Payza account, consumers can buy Bitcoin in just three simple steps. Unverified members can find the verification instructions for members in most countries on the company's blog: Payza Account Verification: International Members.

Three Steps to Buy Bitcoin with Payza:
1. Within their Payza account, consumers select "Withdraw Funds" on the top navigation bar and then select "Bitcoin."
2. They then select the currency balance they wish to use, enter the Bitcoin address for their Bitcoin wallet, as well as the amount they wish to withdraw, and then click "Next."
3. After checking the details for accuracy, they then enter their Payza Transaction PIN and click "Withdraw" to complete the transaction.

All transactions, no matter which of the 21 currencies Payza currently handles, will be completed using the U.S. dollar currency rate at the time of the transaction.

"Essentially, this feature gives our members an easy way to buy Bitcoins using Payza," Patel added. "We have spent a considerable amount of time to examine the pros and cons of Bitcoin to make sure that its use on our platform is both appropriate and in line with best compliance practices required with other currencies. Only members with verified accounts can withdraw by Bitcoin and members in countries where Bitcoin has been restricted are blocked from using this feature." 

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