BitX, a Singapore-based bitcoin exchange, has partnered with Codapay, an alternative payments gateway. The two firms aim to enable merchants to process bitcoin throughout south-east Asia.
The partnership allows Codapay merchants to use the BitX’s API payment software.
The technology allows businesses and payment processors to display the locally supported currency amount while consumers pay for goods and services. Bitcoin is shown alongside existing payment methods and when selected, the exact exchange rate at that time is shown.
When merchants accept bitcoin as payment, they can then use BitX’s technology to convert their virtual currency back into regular cash.
Both Codapay and BitX feel that south-east Asia has huge potential for bitcoin adoption.
‘‘Given the low penetration of debit and credit cards in the region, we think Bitcoin holds great promise as a way for customers to transact online,’’ commented Neil Davidson, CEO of Codapay.
BitX has been gearing up for international expansion as of late. Only last month the firm expanded its international operations into Nigeria, one of Africa’s largest economies. The bitcoin exchange also secured $4m in a Series A funding round led by the Naspers Group
‘‘Southeast Asia has some tremendous opportunities in the payments space: a very high percentage of smartphone users with huge growth in e-commerce, paired with a very low percentage of cardholders,’’ explained BitX in an online statement.
‘‘This makes bitcoin a particularly attractive payment method, especially since the merchants enjoy zero risk from chargeback and fraud.’’
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