Bitcoin seems to be on the right track over in India, as Zebpay recently announced they surpassed a significant volume milestone in transaction processing. This does not come as a big surprise, considering how well Bitcoin has been doing in the country as of late.
Zebpay Continues to Grow in India
Over the past ten months, Indian Bitcoin wallet startup Zebpay has processed a lot of transactions. So much even they surpassed the Rs 100-crore – Rs 1 billion – mark not too long ago, which is a significant milestone for this startup. Very few companies can show off a similar track record within their first year of existence, which goes to show how important Bitcoin startups are in India.
The company surpassed this magical threshold on April 15th of 2016. However, it is important to note this volume is not all just about buying and selling Bitcoin itself, as the company has also been experimenting with selling e-commerce and airtime vouchers as of late. This creates additional use cases for Bitcoin in the country as well
What makes Bitcoin so appealing in India is how the digital currency can be utilized by just about anyone in the country. That being said, it appears as if mostly freelancers, tech-savvy people, and wealthy individuals are experimenting with Bitcoin right now. Reducing the fees associated with remittance, as well as the opportunity for investment gains, attract a variety of digital currency enthusiasts.
Bitcoin is Booming in India
The ease of use associated with Bitcoin in India is part of why this digital currency has become so successful in recent times. Moreover, the country hosts several exchanges, one of which is Coinsecure, which recently secured a total of US$1.2m in Series A funding. Making Bitcoin more accessible to consumers and businesses is a significant step in the right direction.
Moreover, India is a country where mobile Internet is becoming the dominant form of accessing the World Wide Web these days. Consumers have access to cheaper smartphones with internet connectivity, and a lot of people feel these smaller devices can do just about anything other people would use a computer for. Zebpay, among with other Bitcoin platforms in the country, offers mobile apps to give customers easy access to their digital currency wealth.
All in all, it seems as if Bitcoin and India are a match made in heaven. The financial situation in the country, in which cash payments are dominant due to limited bank access for most consumer, is leading to a boom in mobile payment solutions. Bitcoin is an obvious contender in this regard, although there are still very early days.
Source: Economic Times
Header image courtesy of Zebpay