Unocoin Launches Mobile PoS App for Indian Stores to Accept Bitcoin

Indian rupees to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange Unocoin is working to enable physical stores and merchants in India to easily be paid with the cryptocurrency for their goods and services. Unocoin announced the launch of its mobile merchant Point of Sale (PoS) application – called the “Unocoin PoS“ – for both Android and iOS devices.

Established in late 2013, the Indian startup raised $250,000 from Barry Silbert the founder and CEO of Digital Currency Group in 2014. Unocoin's goal is to make bitcoin accessible to billions of people, and it now boasts that: “Over the past year, our web traffic has increased by more than 500%. We added more than 6,000 users just last month alone and our volume is skyrocketing.”

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In order to accept bitcoin from customers via the app, an Indian merchant needs to sign up with Unocoin, get his/her account verified and scan a QR code from the website to pair the mobile app to the Merchant Account Merchant Account Merchant accounts are component of the payments ecosystem that are essential for the brokerage business. These allow the company to accept multiple types of payments but namely credit and debit cards. In contrast to a traditional bank account, the regulations for merchant accounts are less stringent. A merchant account is established between the company accepting the payment and a merchant acquiring bank. Per merchant agreement directly with an acquiring bank or via an aggregator, ay agreement c Merchant accounts are component of the payments ecosystem that are essential for the brokerage business. These allow the company to accept multiple types of payments but namely credit and debit cards. In contrast to a traditional bank account, the regulations for merchant accounts are less stringent. A merchant account is established between the company accepting the payment and a merchant acquiring bank. Per merchant agreement directly with an acquiring bank or via an aggregator, ay agreement c Read this Term. To create an invoice in bitcoin, the merchant simply opens the Unocoin PoS app, keys in the invoice amount and generates a QR code to accept bitcoin payment from the customer.

The merchants can accept bitcoin on the spot or send the payment instructions to the customer if he is not physically present in the same location. The merchants will have an option to either keep the payment in bitcoin or to have it converted into Indian rupees and have the money sent to their bank account on the same business day.

Last year Unocoin has partnered with Purse.io to complete the cycle from global crowdsourcing marketplace Mechanical Turk to Indian rupees.