Lack of payment processing provider for Indian merchants

[shahadil]

The one thing we lack in India is merchants accepting bitcoins as a payment option.  I have a relative who owns a store in a mall and i was talking to him about accepting bitcoin as a payment option. Since, i had not explored this space much, 2 names came to mind, namely bitpay and unocoin and i suggested him to look into it, and came home. While doing my research, i found out that bitpay will not remit funds to an indian bank account and unocoin seems to be only supporting online merchants and not offline ones. Yes, he can accept bitcoins and sell them on his own, but thats not going to be seamless.

The other argument is he can keep the bitcoins himself and use one of the many apps, which act a a POS, but trying to sell that to someone who has not used bitcoins and heard only bad things about it, is going to be really difficult.

So, the point of this topic is, is there any solution out there which any one is aware of?

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[Benson Samuel]

We coming up with something very soon..

[buysellbitcoin]

I think all 3 Zebpay, CoinSecure, Unocoin is working on this. Our merchant app is under development at the moment.

Regards

[shahadil]

That is great, but just a little insight i would like to give you guys. i mentioned to him how bitpay doesnt have any fees for the first million, and his reply was, he doesnt pay any fees to his card processing merchant as well as they give so much volume to them. so your revenue model will depend on?

[buysellbitcoin]

That is great, but just a little insight i would like to give you guys. i mentioned to him how bitpay doesnt have any fees for the first million, and his reply was, he doesnt pay any fees to his card processing merchant as well as they give so much volume to them. so your revenue model will depend on?

I dont think at the moment any of the player will be thinking about revenue. Its all about capturing market and building brand. Also merchants provide essential liquidity in the platform ( In exchange sense they are market makers ) I can not disclose our merchant plan at the moment but its very different from others. But again these are all talks until it comes in app and people actually use it. We really do not have very near future ETA on it.

Regards

[BitCoinDream]

While doing my research, i found out that bitpay will not remit funds to an indian bank account

I think, bitpay can be used. It works similar to PayPal. In case, it does not remit to an Indian account, it can be used to pay a PayPal email address and then take it in. But, I personally, will be more happy to see the solution is being provided by an Indian.

[polynesia]

he doesnt pay any fees to his card processing merchant as well as they give so much volume to them.

I am surprised at this. Is the fee waiver temporary or permanent? Is it for debit cards or credit cards as well?
It would be tough to imagine credit card companies not charging fees.

[RocketSingh]

he doesnt pay any fees to his card processing merchant as well as they give so much volume to them.

I am surprised at this. Is the fee waiver temporary or permanent? Is it for debit cards or credit cards as well?
It would be tough to imagine credit card companies not charging fees.

I think debit/credit cards companies are waivering the merchant fees for accepting payment face to face through a card swipe machine. For online usage, they'll still charge.

[deadley]

he doesnt pay any fees to his card processing merchant as well as they give so much volume to them.

I am surprised at this. Is the fee waiver temporary or permanent? Is it for debit cards or credit cards as well?
It would be tough to imagine credit card companies not charging fees.

I think debit/credit cards companies are waivering the merchant fees for accepting payment face to face through a card swipe machine. For online usage, they'll still charge.

I don't think. What I know swipe card company charge around 1.25% to 2.5% according to volume of month in merchants.

[dashingriddler]

Unocoin is already providing the payment processing service. As of now the fee for processing is 0%. Which means if some one buys the shoes you sell for 500 INR, then all of that 500 INR will reach your bank account the next business day.

https://www.unocoin.com/merchants/overview

[shahadil]

Unocoin is already providing the payment processing service. As of now the fee for processing is 0%. Which means if some one buys the shoes you sell for 500 INR, then all of that 500 INR will reach your bank account the next business day.

https://www.unocoin.com/merchants/overview

This seems to be for online shops. do you have a solution for offline retail as well?

[Fernandez]

I never have to pay anything extra when paying online, and sometimes even get discounts. In addition the points I get on my CC allows me to get some useful vouchers from time to time.

I don't see why I will try to pay in Bitcoins.

[polynesia]

I never have to pay anything extra when paying online, and sometimes even get discounts. In addition the points I get on my CC allows me to get some useful vouchers from time to time.

I don't see why I will try to pay in Bitcoins.

I guess it will take some time before merchants start passing on cost savings to customers.
Until then, there is nothing in it for bitcoin users.

[spndr7]

An attempt in that direction, payment processing services in bitcoin for INR, using 0-confirmation
instantaneous transactions.

DEMO

Detailed API for the payment processing to be released soon.

[dashingriddler]

Unocoin is already providing the payment processing service. As of now the fee for processing is 0%. Which means if some one buys the shoes you sell for 500 INR, then all of that 500 INR will reach your bank account the next business day.

https://www.unocoin.com/merchants/overview

This seems to be for online shops. do you have a solution for offline retail as well?

Yes but you still need internet connected mobile or computer to generate bitcoin address and amount against invoice though.
App is on the way

[spndr7]

Yes but you still need internet connected mobile or computer to generate bitcoin address and amount against invoice though.
App is on the way

Bitcoin addresses can be generated offline.

[dashingriddler]

Yes but you still need internet connected mobile or computer to generate bitcoin address and amount against invoice though.
App is on the way

Bitcoin addresses can be generated offline.

The entire idea of payment gateway in this context is to have the processor settle to bank account. For this to happen someone should tell you that they will buy the bitcoins you are accepting at an agreed rate. And this agreement of rate happens over internet.

For a business to just accept bitcoin for his product and keep those bitcoins which is calculated based on the exchange rate he presumed there is no need of internet.