Spending Bitcoin is still a hurdle to overcome for most everyday consumers, as well as merchants who are still on the fence about whether or not to allow virtual currency payments. While the waiting game in the traditional business world continues, Zazoo is taking a very different approach. As of a few days ago, Bitcoin users can spend their funds online or within the Zazoo mobile app through the company’s mobile virtual card technology, called VCPay.
Zazoo’s VCPay – A Mobile Virtual Card
The world of Bitcoin and the virtual currency has seen various implementations of hybrid payment technologies in recent years. After all, there are a ton of Bitcoin users who want to spend their virtual currency funds at any place and anytime, yet they are unable to do so. Most of the merchants accepting Bitcoin payments today only do so through their online shops, while in-store Bitcoin payments are still facing adoption struggles.
Zazoo, a UK subsidiary of Nett UEPS Technologies, recently signed a deal with Bitcoin’s universal platform BitX to take the fight against interoperability challenges to the next level. Rather than waiting for merchants and the financial infrastructure to embrace Bitcoin and virtual currencies, Zazoo developed their own implementation of spending Bitcoins at most locations, either offline or online.
Note from the Author: BitX and Bit-X are two different companies operating in the Bitcoin ecosystem. This article is about BitX, a company making money universally accessible by leveraging technologies such as Bitcoin and the blockchain. The company was founded in 2013 and has offices in Cape Town, Jakarta and its headquarters in Singapore.
Due to the partnership between Zazoo’s VCPay service and BitX, any Bitcoin owner can use the company’s mobile virtual card on their personal mobile device, either a smartphone or a tablet. This mobile virtual card will work both online and offline, and does not even require access to a mobile phone network to be used at retail locations.
“We are very excited to be working with BitX as crypto-currencies are starting to gain prominence worldwide and are positioned to be one of the next big things in the fin-tech space. This collaboration will enable BitX and VCpay users to now spend Bitcoins agnostically, anywhere online and anywhere in the world, without any changes to the existing acquiring or switching infrastructures. We believe BitX is an ideal partner for our technology as it is a rising star in the crypto-currency field, and supported by astute investors such as Naspers.” – Philip Belamant, MD of Zazoo told DigitalMoneyTimes.
A New Form Of Hybrid Payment Technology To Push Bitcoin Awareness
This new form of mobile payment solution created by Zazoo will go a long way in terms of pushing Bitcoin awareness to new levels. Even though VCPay is not the perfect payment solution as far as Bitcoin users are concerned, it does offer another way to spend virtual currency by using existing international payment structures.
Activating the VCPay feature is a straightforward process, and requires a simple over-the-air activation process. Once the activation is completed, users can start linking various funding options to the VCPay application, including direct top-ups, Bitcoin and other virtual currencies, EFT and credit cards.
Do keep in mind the VCPay technology will not be available everywhere around the world at the same time. Initial target markets include Europe, South Africa, The Philippines, Kenya, Malaysia, Indonesia, Nigeria and Singapore. At the time of publication, no official release dates for these markets have been announced, other than “in the next few months”.
Source: IT Web
Images courtesy of Zazoo, VCPay