Bitcoin services provider BitX has partnered with Codapay, a Singapore-based alternative payments gateway provider, to enable bitcoin payments for all of its merchants.
BitX, not to be confused with Bit-X Financial, offers a bitcoin wallet, exchange and merchant integration service. It is focusing on servicing the African and East Asian markets, with offerings in Indonesia, Kenya, Malaysia, Nigeria and South Africa. These regions contain sizeable pockets of unbanked populations, making bitcoin a potential candidate of choice for transmitting money.
The startup received $4 million in a Series A round led by the payments subsidiary of South Africa’s Naspers Group, PayU, a few weeks ago.
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Codapay Neil Davidson commented, “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.”
During Blockchain’s recent trade mission to the region, the wallet provider also noted the underdeveloped payments network, despite a rapidly growing economy.
BitX wrote on its blog, “Southeast Asia has some tremendous opportunities in the payments space: a very high percentage of smartphone users with huge growth in e-commerce, paired with a very low percentage of cardholders. This makes bitcoin a particularly attractive payment method, especially since the merchants enjoy zero risk from chargeback and fraud.”