Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.
Global payment processor Payza announced that its users are now able to buy bitcoin through its platform.
Still, earlier there were some tweets about the new option from the company and from Payza business development consultant Charlie Shrem.
According to Payza, the addition of bitcoin will help the company to achieve new goals in the digital currency industry.
Payza stated: “This is our first step into the exciting space of cryptocurrency, currency that exists solely in the digital world. At Payza, we’re very interested in bitcoin and cryptocurrency, and we have big plans to expand the way bitcoin can be used on our platform.”
Payza first revealed its plans in May when the company talked about the bitcoin potential as a payment tool. In July, speaking to The Wall Street Journal, the company confirmed the rumors and said that Shren served as an advisor to the company.
In an interview to CoinDesk, Shrem noted that integration of bitcoin is a huge opportunity for Payza. He said: “[Payza will] be the only company where if a merchant actually wants to accept both credit card and bitcoin, they only need to work with one company.”
Shrem said the company will charge a 2% fee for buying bitcoin, while the users are not charged to send funds via the platform. The withdrawal process will take about three days.
He added: “[We’re] drastically bringing down the price of remittances – 2% total end-to-end. We’re going to be adding the ability to send deposit in bitcoin as well, so you can move bitcoin between accounts and it won’t cost anything.”
“Payza has very good relationships with regulators already […] With bitcoin companies […] they don’t have compliance officers, they’re kind of new to the scene, they don’t know what’s going on. With Payza, it’s kind of refreshing for me because I’m used to working with startups, working with a company like them is very organic and it’s a lot easier to get things done,” Shrem said.
In order to create an account, the users have to choose the country of their residence and then elect to open a business or personal account. The users will be able to exchange currencies, collect payments and make transaction through the platform.
Before validating the email, the users have to provide their first and last name, email address and a password. To make transactions, it is necessary to provide such information, as job title, work industry and Social Security number. Then users have to input phone number, address and create security questions.
The process of bitcoin purchase includes three steps: withdrawing funds, verifying the currency and confirming the transaction. Next users have to click on the ‘Withdraw Funds’, select ‘Bitcoin’ from a list of available options and enter the sum they want to withdraw. The minimum amount of funds allowed to withdraw is $20.