Posted August 6th, 2015
Markets targeted by this agreement include, Indonesia, Malaysia, Philippines, Thailand, Vietnam and Singapore. Coda Payments has been accepting bitcoin as a payment method in Indonesia and Malaysia.
The latest agreement with Bitx will also help Coda in acquiring more merchants in other countries, as the Singapore-based BitX provides real-time conversion between Bitcoin and local currency, enabling merchants to have the option to accept payments either in local currency or bitcoin. Through the partnership, merchants can file change requests in local currency and receive payments in local currency.
Bitcoin is already available to customers in Indonesia and Malaysia via Codashop, Coda’s in-house online gift card and game voucher distribution platform.
The BitX-Coda partnership will enable Coda to focus on acquiring merchants, as well as further developing integration and settlement aspects of their service.
According to Neil Davidson, CEO of Coda, the low transaction fees and universal accessibility of Bitcoin will position it as an attractor for merchants, relative to the other payment options on the market.
“Given the low penetration of debit and credit cards in the region, we think Bitcoin holds great promise as a way for customers to transact online,” Davidson said.
While certainly a positive development for the local and regional Bitcoin space, it must be remembered that many major businesses, while technically accepting bitcoin, partner with a middleman – Coinbase or BitPay – will accepts a bitcoin transaction and immediately convert it into cash. This