The Indian Bitcoin revolution is definitely taking off. For the first time, people in the country can buy tie digital currency directly/indirectly via card or internet banking payment options. Unocoin — one of the “Big Four” Bitcoin company in India has announced its partnership with PayUMoney, a leading electronics payments, and fiat wallet service provider. The partnership will allow Unocoin to include additional payment options to its existing internet banking option on its platform.
The new development is huge for the Indian Bitcoin ecosystem, where many conventional payment services providers are wary of associating themselves with cryptocurrency businesses. The news was shared by the CEO of Unocoin, Sathvik Vishwanath on one of the country’s leading startup news website.
In order to use PayUMoney to buy Bitcoin, users will have to first create an account with the wallet service using the same phone number as the one used while creating the Unocoin account. Once created, users can load their PayUMoney wallet using credit cards, debit cards or internet banking options. With the fiat wallet loaded, they will have to sign into their Unocoin wallet, select the “Buy Bitcoin” option and choose PayUMoney wallet as the payment method to complete the transaction.
Sathvik was quoted by the publication saying, “The partnership with PayU is coming at a time when we are seeing a huge increase in the number of wallet users in India. The ease with which payments can be made via wallets like PayU is certainly going to benefit the Bitcoin buyers and increase accessibility to Bitcoin markets. This is our Christmas gift to Unocoin users.”
Unocoin is one of the early movers in the country alongside BTCX India, Coinsecure, and ZebPay. These four platforms share the majority of Indian Bitcoin community members amongst themselves as customers. Following Unocoin, we can expect these platforms to include PayUMoney or other fiat payment wallet option in the coming days.
With increased familiarity of fiat wallets among people, an option to use fiat wallet service to buy bitcoin may potentially drive the digital currency’s adoption in the country.