Bitcoin Forum

Payza Introduces Bitcoin Buying Option in 190 Countries

http://www.coindesk.com/payza-launches-bitcoin-buying-consumers-190-countries/

After having read the whole article I'm still a little unclear in that it appears there is actually no BTC wallet, just some account that allows someone to identify themselves in order to open said account and spend money ???

Wait, no. Basically, this is a way to send money to an account and actually purchase BTC w/ it based upon a flat 2% fee and then can transfer from account to account for free as I read it. I haven't tried it but is there an actual BTC wallet there w/ an address that people can just send coins to and use there? Or, is the primary benefit here allowing Payza users the ability to get into BTC as a payment option and thus helping adoption which is what I'm leaning towards...?

My favorite part that is fairly clear is

Looks like Coinbase and BitPay have major competition now. :)

Ah I thought that this was old news turns out this is fresh
No wonder I didn't know payza takes bitcoin now

Great stuff then  ;)
Feel like were getting spoiled XD not so many wow reactions haha.

Just wanted to offer a bit of clarification on this product release.

This is just our first step into the world of cryptocurrency in general and Bitcoin in particular. In most countries, Payza members can now use funds in their Payza accounts to buy Bitcoins through our Withdraw by Bitcoin feature, you'll need to supply your own Bitcoin Wallet. This blog post has the step-by-step instructions to create a Bitcoin Withdrawal: https://blog.payza.com/payza-updates/why-use-payza-announcements/buy-bitcoin-with-payza/

You can add funds to your own Payza account or use funds sent to you from another member to buy Bitcoin. Sending funds between Payza members is instant, adding funds by Bank Transfer or Bank Wire takes 2-6 business days. In Canada, members have an instant Add Funds by Interac option. Add funds by credit card is another instant deposit option but (mostly because of the chargeback risks) credit card funds cannot be used to purchase Bitcoin right now.

When you use the Withdraw by Bitcoin featurethe transaction takes 1-3 days to be reviewed in order to reduce the risk of fraud, but the exchange rate is locked in at the moment it is created.

If you have any other questions or comments, please, let us know!

And there goes your BTC anonymity : {Payza needs these documents, before your account is verified}

• Proof of Address document: This may be a utility bill, phone bill, credit card statement or bank statement. The name and address must match with the information listed in your Payza account.

• Proof of Identity document: This should be a government-issued photo ID, such as a driver’s license or passport. You can also send us a regular Photo ID, as long as your date of birth is visible.

Next question : Where do you get your exchange rate from? {Hope it's not artificially bumped with a few %} for some extra income.

Good thing about this, is the low fee. {2%}

As an online payment processor and MSB, Payza obviously follows the laws and regulations of the countries where we provide services. A big part of that involves following AML and ATF (Anti-Money Laundering and Anti-Terrorist Financing) regulations. We realize that simply because a Bitcoin user wants to remain anonymous that does not mean they plan on taking part in this kind of activity, but it does not change the fact that there are rules and regulations we must follow. If Bitcoin anonymity is important to you then yes, Payza may not be your best Bitcoin buying option.

To provide you with the best price, the exchange rate is a blended rate from the market and our liquidity partners, it is updated in real-time. The 2% fee charged by Payza is where we get our compensation for the service.