CodaPay, which names Japanese e-commerce giant Rakuten, Golden Gate Ventures and a Skype Co-Founder Toivo Annus as investors, offers a digital payment product designed for the Southeast Asia’s unbanked population. The company works with a number of big online companies in the region, including Baidu and Huawei.
“Our mission at Coda is to support any payment channel that will help our merchants monetize better in Southeast Asia. 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.”
– Neil Davidson, CodaPay CEO
Bitcoin’s use a retail payment option was one of its early selling points. After a large spike in activity during 2013, and a number a multi-billion dollar companies signing on, it has largely fallen by the wayside.
Bitpay, one of the main pioneers of bitcoin retail payments, recently admitted this in an interview with Business Insider, customers aren’t taking to digital currency as they hoped. “It’s going to take some time,” commented BitPay’s co-founder and CEO Stephen Pair. “In the industry there’s a realisation that yes it’s an incredible technology but it’s going to take a while for it to mature.”
“We keep adding merchants — we’re up to over 60,000 now — but they’re selling to the same pool of Bitcoin early adopters,” he added, noting that the startup is now looking into how its bitcoin payment technology could be used by banks.
A recent post by BitPay revealed the number of merchant sign ups, and transaction growth for the first two years. While not particularly spectacular, the figures show solid growth in all regions. Asia saw minimal growth, where BitPay has limited operations, while Europe and North America were responsible for the vast majority of