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
Given that users are not charged to send funds through Payza, Shrem also remarked that the offering could position the company to become a player in the remittance space, adding:
“[We're] drastically bringing down the price of remittances – 2% total end-to-end. We’re going to be adding the ability to send deposit in bitcoin as well, so you can move bitcoin between accounts and it won’t cost anything.”
Looks like Coinbase and BitPay have major competition now.
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!