Payza has started actively exploring different possibilities of integrating the Bitcoin cryptocurrency into its online payment platform. “We have a distinct vision of how we would like to incorporate Bitcoins into our platform,” said Ali Nizameddine, Executive VP of Product and Technology at Payza.
“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 ewallets 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.”
Further to these goals, Ferhan Patel, Payza’s Director of Global Risk and Compliance, recently attended Bitcoin 2014, the world’s largest annual Bitcoin conference, held this year in Amsterdam. “It’s clear to us that cryptocurrencies in general, and Bitcoin specifically, should not be ignored,” said Patel. “As a company in the e-payments space, Payza has a responsibility to explore the option of incorporating relevant cryptocurrencies into our platform.”
Patel noted that there are obvious hurdles that need to be navigated before Bitcoins can become available through the Payza platform. “Governing bodies around the world are still deciding how to treat Bitcoins. Are they property, are they currency? It’s still not clear. And the regulations in one territory won’t necessarily carry over to another. This is certainly an issue for Payza since we offer services in over 190 countries. First and foremost we must respect each country’s laws concerning Bitcoin.”
In order to bring Bitcoins to the Payza payment platform as quickly and as smoothly as possible, Payza has been consulting with a number of specialists within the Bitcoin community.