Unocoin, one of the well-known Indian bitcoin exchange platform, has launched its bitcoin Point of Sale services with an aim to encourage Indian merchants to accept bitcoin payments.
The launch of Unocoin PoS, as the company prefers to call its new service, was announced in its recent blog post. In addition to the discussion about the new payment system, the post also gives an insight into the changing bitcoin landscape in the country.
As bitcoin usage picks up in the country, merchant services like Unocoin PoS will enable merchants operating physical stores to accept bitcoin payment from their customers. The new PoS application for merchants is now available on both Google Play Store and Apple Appstore for both Android and iOS powered devices, respectively.
According to the platform, the merchants first have to sign up with Unocoin and obtain a verified account before they can actually start accepting bitcoin payments. Once the account verification is done, they can download the Unocoin PoS application on their mobile devices and connect the device to their merchant account by scanning a QR code available on the website and start collecting bitcoin payments.
In order to pay on Unocoin PoS, the customer has to just scan the QR code generated by the PoS app for the payable bill amount on their wallet application and pay for it. Once the customer makes the payment, the merchant can receive the settlement either in the form of bitcoin or INR during the same business day.
Unocoin allows merchants to register for and use its Point of Sale system for no fee. In addition to 0% installation and activation fee, the merchants will not be charged for making transactions over the PoS platform. In addition, to almost zero percent fee structure, the Unocoin PoS solution allows multiple logins for merchants with multiple outlets. This way, they can use the same merchant account to accept bitcoin payment across all their branches.
Trading bitcoin on Unocoin generally involves a large spread, allowing the company to offer its merchant services at zero cost. With the introduction of the new PoS service, it has become the first Indian company to offer merchant services for physical stores.
The Bitcoin PoS solution comes at the time when mobile payments are picking up in the country. The payments leader, Visa has recently launched its mobile payments solution for physical stores. The new mVisa payment service allows users to pay their bills from their connected Visa card by scanning the merchant’s QR code on their mVisa app and authorizing the payments.
In other news, Unocoin recently moved its headquarters out of Bangalore to Singapore. The Indian operations are now conducted by the Singapore-based company’s Indian subsidiary.