"The option that is most appealing is to allow our members to purchase Bitcoins with funds in their secure Payza accounts and to allow them to store their Bitcoins in their Payza wallets or to transfer them to another wallet service. Also, merchants that process payments using Payza would be able to easily add the option to accept Bitcoin payments without the need to incorporate other payment gateways" Nizameddine added. "That is what we are currently trying to achieve, but the actual service offered will depend on the partnerships we forge and the regulations of the countries in which we operate."
Ferhan Patel, Director of global risk and Compliance at Payza, stated that the enterprise could need to navigate via unclear government rules and guidance regarding cryptocurrencies. But, it seems like the employer has gotten a step towards its vision, as Payza introduced a new way to buy Bitcoin these days.
Withdrawal by Bitcoin
With Payza's latest feature simply introduced today, customers can withdraw funds from Payza directly to their Bitcoin wallets. In effect, Payza is giving its members an easy way to buy bitcoins. As long as the account is validated (which requires proof of residency and proof of identity), a Payza member can withdraw in BTC in 3 easy steps (taken from the Payza blog):
In your Payza account, select "Withdraw Funds" on the top navigation bar and then select "Bitcoin". Select the currency (balance) you wish to use, enter the Bitcoin address in your wallet, and enter the amount you wish to withdraw, then click "next". Confirm the details, enter your Payza Transaction PIN and click on "Withdraw" to complete the transaction.
However, Payza notes that withdrawals take 1-3 business days (though the exchange rate is locked in immediately after the transaction is created), and users can't purchase bitcoins with funds that were added by credit card.
Why is this important?
Part of Payza's core mission is empowering under-serviced markets in developing countries. Regardless of the united states, Payza objectives to offer its members with "a low-cost, secure and convenient way to send and receive money, or accept payments for services rendered," said CEO Alastair Graham.
"We have over 10 million debts from Albania to Zambia and pretty much anywhere in between. We're no longer quite as big as a number of the opposite gamers in this space but we do have one among the biggest worldwide footprints and we're developing each day."
"We're in particular glad to provide a smooth way for people in developing economies to buy Bitcoin. Payza gives offerings in over one hundred ninety nations and that they honestly aren't all same in terms of getting admission to this sort of provider. With any luck, Payza can assist bridge a rather massive hole."
-Payza on Reddit
That is also simply the primary a part of Payza's involvement in Bitcoin, and the company plans to comprise the cryptocurrency in increasingly of its offerings.
"Are u sooner or later aiming for a fiat and bitcoin wallet in one? One pocket, fiat and crypto hand in hand!
now not for human beings right here, but the common Joe would like that I wager!"
-GM4N1986 on Reddit
"We're in reality planning to build on this first step. We expect Bitcoin to be a vital part of the web charge ecosystem sooner instead of later and we need to be a part of that increase.
That said, there are a whole lot of difficulty to navigate in phrases of complete-scale Bitcoin adoption at the Payza platform. The main problem is that we want to ensure both shoppers and sellers could be blanketed before we are able to offer Bitcoin bills through Payza. That means there wishes to be some form of fee reversibility or escrow, otherwise, shoppers could want to log off on a no refund coverage.
We like the idea of letting human beings preserve bitcoins in their Payza e-wallets, but because the wallets are online, we need to be clearly positive that the bitcoins could be included.
I'm able to say that Bitcoin integration is one in each of our fundamental focuses right now at Payza, so anticipate more options soon!"
-Payza on Reddit
Payza is one of the few payments processors to completely and wholeheartedly support Bitcoin. And as Payza is making Bitcoin "considered one of our main focuses", possibly the competition will follow?