Launching the Coinsecure Payment Gateway for Bitcoin in India

[Benson Samuel]

https://pay.coinsecure.in

0 Confirmations for most
Invoices
Simple HTML Payment Buttons
POS Billing
Dashboard
Api
Programming Libraries

So far..
Many more merchant tools coming up soon!

http://blog.coinsecure.in/post/146551410925/coinsecure-partners-with-bitpay-to-provide-payment

[1715290204]

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[pavan@hosur]

congrats Benson & coinsecure...

[mynameisdon]

wow congrats!
coinsecure is high scale and stock exchange and doing great for landscaping bitcoin in india.this is great thing for Indian.
but why coinsecure don't think to make an app like zebpay to attract users and for also making everything easy?

[Benson Samuel]

wow congrats!
coinsecure is high scale and stock exchange and doing great for landscaping bitcoin in india.this is great thing for Indian.
but why coinsecure don't think to make an app like zebpay to attract users and for also making everything easy?

Now that merchant is done, App will be released as our next piece.

[polynesia]

I had a look at the fee structure.
Isn't the fee of up to 2.5% too high for BTC-INR?
The selling point of using Bitcoin over credit cards is that the middle man is removed, lowering transaction fees.  


Plus, it does seem to be counterintuitive that you charge higher fees (in percentage terms) when volumes increase? Most large players expect discount in fees because of the larger volumes. You might actually have a company split its volumes into Delhi Branch, Mumbai Branch, etc and benefit from lower fees.  


1.5% BTC to INR up to 15L a day
2.0% BTC to INR UPTO 30L a day
2.5% BTC to INR UPTO 50L a day

[Benson Samuel]

I had a look at the fee structure.
Isn't the fee of up to 2.5% too high for BTC-INR?
The selling point of using Bitcoin over credit cards is that the middle man is removed, lowering transaction fees.  


Plus, it does seem to be counterintuitive that you charge higher fees (in percentage terms) when volumes increase? Most large players expect discount in fees because of the larger volumes. You might actually have a company split its volumes into Delhi Branch, Mumbai Branch, etc and benefit from lower fees.  


1.5% BTC to INR up to 15L a day
2.0% BTC to INR UPTO 30L a day
2.5% BTC to INR UPTO 50L a day

This is not our internal best for sure.
More aligned to terms with BitPay.
As volumes, partnerships and markets grow, we should see this drop as we start using our own liquidity.

[polynesia]

Plus what is the BTC-INR exchange rate used for conversion into INR?
Is it the last traded price at Coinsecure or is it some other benchmark?

[asriloni]

good work,now can't waiting big store in india such as flipkart enabling bitcoin as payment gateway,just wonder would you took some fee for every payments made or from merchant themselves?

[Benson Samuel]

Plus what is the BTC-INR exchange rate used for conversion into INR.
Is it the last traded price at Coinsecure or is it some other benchmark?

Bitpays rates being used for this.
From what I have seen, they have been steadily lower than Coinsecure prices and a lot more liquid as well.
Based on the charges of final settlements, we may add that cost at a later stage within the accepted percentages itself.

[Benson Samuel]

just wonder would you took some fee for every payments made or from merchant themselves?

We have a tiny part set aside for service costs within our terms with Bitpay.
Every payment will not be charged, the charges occur only when settling to the end merchants account.

[Digitalbitcoin]

Great to hear...

Already India's major private bank ICICI already in mood of testing blockchain possibilities for indian economy.


 

[eXpl0sive]

I have been using Coinsecure and I like most of it. The experience has been good so far.

However the daily chart can use some improvement. Currently when I look at the daily chart, it shows me quite old data, till 3rd Jan. Today is 18th Jan. How can I see daily chart data between 3rd & 18th? Just a small observation.

[Benson Samuel]

I have been using Coinsecure and I like most of it. The experience has been good so far.

However the daily chart can use some improvement. Currently when I look at the daily chart, it shows me quite old data, till 3rd Jan. Today is 18th Jan. How can I see daily chart data between 3rd & 18th? Just a small observation.

Looks more like a label bug.
The data is always going to be accurate and up to date, will fix the labels.

[13abyknight]

This is looking great. Best thing about this is probably the 0 confirmation one. Congrats Benson and CS!

[bitcoinisbest]

Hey what do you mean by 0 confirmation. Are you referring to if transferred from other wallet to CS wallet it gets immediately transferred without waiting for any confirmations. Correct me if I am wrong.

[eXpl0sive]

I have been using Coinsecure and I like most of it. The experience has been good so far.

However the daily chart can use some improvement. Currently when I look at the daily chart, it shows me quite old data, till 3rd Jan. Today is 18th Jan. How can I see daily chart data between 3rd & 18th? Just a small observation.

Looks more like a label bug.
The data is always going to be accurate and up to date, will fix the labels.

This is what I'm talking about:

Daily chart:
https://i.imgur.com/foJtzbE.png
^^ It shows data till 3rd Jan only

even Monthly chart:
https://i.imgur.com/rOyJCkY.png
^^ Shows data till 4th Jan only

And one can tally that the data is actually old, because current trades are in ~Rs.64000 range, not ~Rs.70000

[lordquanta]

Congratulations for venturing into this payment gateway. This move may be the game changer for bitcoin being used currently in India. Businesses who are bitcoin-literate will be more than happy to user this.
Best wishes for your venture.

[DomainMagnate]

Almost 7 months have passed.How many merchants have used coinsecure to accept bitcoin?
I hope if some reputed online merchant add bitcoin payment, it will give a great boost to bitcoin adoption in India.

[Benson Samuel]

Almost 7 months have passed.How many merchants have used coinsecure to accept bitcoin?
I hope if some reputed online merchant add bitcoin payment, it will give a great boost to bitcoin adoption in India.

Barely 3 or 4 have active payment buttons.
More seem to be interested in just showing a basic QR from wallet for payments.

Guess we have not really done much BD/ PR on the gateway as yet.

1 mistake that might be the case is that the entire module is not a straight forward integration. The complexity itself will switch off half the merchants.

Lets see what we can do with this piece in 2017. We constantly evolving and merchant is an important piece for us.

[btcdevil]

Almost 7 months have passed.How many merchants have used coinsecure to accept bitcoin?
I hope if some reputed online merchant add bitcoin payment, it will give a great boost to bitcoin adoption in India.

Barely 3 or 4 have active payment buttons.
More seem to be interested in just showing a basic QR from wallet for payments.

Guess we have not really done much BD/ PR on the gateway as yet.

1 mistake that might be the case is that the entire module is not a straight forward integration. The complexity itself will switch off half the merchants.

Lets see what we can do with this piece in 2017. We constantly evolving and merchant is an important piece for us.

If i wanted to add bitcoin as payment option for my business , then what should i have to show in the tax law as i also wanted to setup my business with bitcoin payment but as i am not aware of the tax law i am using it in personal way.