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Payza and Bitcoin: A Look at What’s Next

Payza and Bitcoin

A little over six months ago, Payza gave our members an easy way to buy Bitcoin with the money in their Payza accounts. It was our first foray into the exciting, rapidly developing world of cryptocurrencies. A few weeks later, Payza offered our members an option to sell Bitcoin to Payza, a simple way for members to fund their accounts using bitcoins.

Our members have responded positively to these options. We’ve seen Bitcoin transactions from all over the world, members from over 100 different countries have bought or sold bitcoins using Payza’s system. When we first offered the service we weren’t sure what to expect, but what we’ve found is that people in different countries and different situations are all excited about what Bitcoin has to offer.

We’re very happy with how our members have taken advantage of the options to buy and sell Bitcoin, and even happier to announce that these features aren’t where Payza’s venture into Bitcoin and cryptocurrency ends, they’re just the beginning.

So what comes next for Payza when it comes to Bitcoin? Firoz Patel, Executive VP of Strategic Partnerships and Corporate Affairs, has the answer:

“The ultimate goal is to give our members a secure option to store their bitcoins in their Payza accounts, but we are working towards that goal in incremental steps. First we gave our members a way to buy Bitcoin directly from Payza, then we gave them a way to sell Bitcoin to us, that’s where we are currently. Our aim is to be able to treat Bitcoin like any other currency we deal with, that means letting members hold Bitcoin in their Payza accounts, and letting them send and receive bitcoins through our network, but we’re not there yet. That said, we have no intention of slowing down the adoption of Bitcoin services on the Payza platform.

“Our next step is to give our merchants a way to process Bitcoin payments, while receiving funds in the currency of their choice. This gives our merchants wider access to customers, it gives Bitcoin users more places to spend their bitcoins, and it satisfies our goal of minimizing the risk to our members.”

Payza engineers are currently testing the new Bitcoin payment option, look for it to be available soon. With this new feature, Payza merchants will be able to accept Bitcoin payments from Payza members and non-members alike. It’s an exciting step forward for Payza and Bitcoin, but again, it’s just one more step in what we hope will be a long journey towards full adoption of cryptocurrencies.

For more information on how to use Payza to accept payments for your online business, contact bizdev@payza.com .