Yay! Indian Merchants Can Now Accept Bitcoin Payments with Unocoin PoS App
Unocoin, an Indian startup, was launched in mid-December 2013 in Bangalore, aimed at catering to the growing Bitcoin industry in India. Indian residents could very easily setup their accounts by validating their PAN card and AML-KYC requirements.
After a series of events and back and forth with the RBI, Unocoin has got the approvals to launch India’s first mobile Point of Sale(PoS) app for merchants in India. Through the app, Bitcoin owners will be able to pay through Bitcoins at merchant locations, who will have to sign up on the app to accept payments.
The app is available for both Android and iOS devices and hopes to cover a wide variety of merchants in India. Unocoin claims that it is the simplest to use PoS app in the world which allows seamless transactions between customers and merchants.
The company released a statement that said, “Over the past year, our web traffic has increased by more than 500%. We added more than 6,000 users just last month alone and our volume is skyrocketing. While the company’s vision is to bring bitcoin to billions, it is now aiming to make physical stores and merchants in India easier to accept bitcoin. This is presently unmarked territory in India.”
How to use the Unocoin PoS app at merchants?
The merchants will have to sign up on the website to use it, by verifying their account before using the app. Once verified, merchants need to scan the QR code on Unocoin’s website and pair the two entities.
Whenever a transaction has to be made, the merchants will request the customers to pay the decided amount, by simply opening the app and punching in the transaction amount. A transaction specific QR code is created which has to be scanned by the customer to initiate payment.
If the customer is not physically present at the merchant location, the merchant may send the details over email, or request the Indian rupees equivalent to be credited directly to their bank account.
It is an exciting news for Indian Bitcoin users as well as people willing to switch to bitcoins. At the moment there are more than 40k bitcoin owners in India and merchants are quickly realizing the benefits and potential of this currency. Since there is no intermediate, the fees is less and the transaction is transparent for anyone to view and justify.
Unocoin is surely going to propel this industry, which had slowed down in 2014 owing to RBI’s rules, to new levels with this PoS application for merchants. A first in the country, we can see more legitimate transactions going forward, while strict norms in place to regulate the market.
Brief history about Bitcoin and why choose Bitcoin?
Bitcoin is basically virtual currency, launched in 2008. Bitcoins can be used to make transactions and virtual money transfers between two parties without an actual physical transaction.
There is no intermediary and virtual bitcoins immediately get transferred from one point to another, tracking every single transaction by transactors, beneficiary, time and value. There are ‘miners’ who track all this information and ensure it is updated in the records.
These miners have the advantage of receiving bitcoins in return of their work from vendors or merchants, along with some fees. However, there is no centralized bank that regulates the prices of a bitcoin. The prices are set by the two parties involved in the transactions, which is why there is no fixed price of a bitcoin being exchanged.
Bitcoin has gained a lot of popularity in the past couple of years in large countries since large websites and retail stores started accepting the currency. The transactions are nearly instant and do not involve the exchange of hard money, which can be a boon in this digital age.
The major reason for choosing bitcoins over regular money is the fact that bitcoins are legal, there is no way a person could purchase them using counterfeit money. The transaction fee using a bitcoin is 2-3% lesser as compared to credit cards, which merchants would happily accept as well. In fact the fees is extremely low for anyone to worry about
Coming to the best part – the entire bitcoin system is transparent. Any transaction agreed between the merchant and consumer is stored in the network and available to everyone, without revealing the identities of the transactors. This gives confidence to both the customer and the merchant, and transaction can only be agreed once both the parties have consent.
Where do I purchase bitcoins?
If you haven’t already started, it is not too late for you. There are online Bitcoin exchanges which are legit sellers of Bitcoin in place of your actual currency. 1 Bitcoin is nearly equal to Rs 30k, which mean you might not have to carry a lot of bitcoins around.
The other ways of obtaining bitcoins are by receiving bitcoins from someone through a transaction or trade your currency for Bitcoin online. For all these, having a Bitcoin wallet is a must, where you can store the virtual currency.