UK-based electronic payment system NETELLER has announced the integration of bitcoin deposits through partnership with the BitPay payment processor.The new feature will enable customers to top up their fiat accounts by exchanging bitcoin into other currencies.
The use of bitcoin will not only let NETELLER’s customers to save time on making payments, but will help them to avoid transaction fees and save up to 5% by topping up their debit cards or NETELLER accounts in virtual currency.
The move is anticipated to drive wider adoption of bitcoin and expand cryptocurrency transaction services all over the globe. NETELLER, which is operated by Optimal Payments, offers a wide range of prepaid debit cards and online payment solutions and processes millions of dollars each day.
The company serves more than 10 million customers and includes partnerships with thousands of merchants globally.
“NETELLER already provides merchants and customers a broad and diverse set of online payment options and the addition of Bitcoin gives them another valuable payment method to help convert more transactions,” said Optimal Payments CEO, Joel Leonoff.
“We recognise the important role that crypto-currencies play in the future of payments and we look forward to working with BitPay as the acceptance rate grows.”
Notably, according to the previous policy of NETELLER, it was prohibited to sell and buy bitcoin and any other type of digital currency.
The deal with BitPay eliminates the risk of bitcoin volatility as the merchants are able to accept digital currency and instantaneously convert it to any fiat currency offered by NETELLER. The fact that BitPay works with different fiat currencies makes the feature a great option for those merchants who trade their products all over the world. BitPay facilitates bitcoin payments and currently offers its services in more than 140 countries.
On Monday, Optimal Payments announced the acquisition of Skrill Group, one of the world’s leading prepaid card providers. The price of the purchase amounts to €1.1 billion. The deal will enable the company to significantly expand within the online payments market in Europe.
“We are taking advantage of an exceptional opportunity to acquire a business we know very well which, combined with Optimal Payments, will be a leading UK based online payments business with the essential scale necessary to be highly successful. These opportunities are few and far between,” said Optimal’s chairman Dennis Jones.
“The board believes this transformational transaction will be earnings accretive for shareholders from the first full fiscal year of ownership, will further diversify our client base and, additionally, will enable us to deliver enhanced services to existing and prospective merchants and customers in all of our global markets,” he added.