Unocoin, an India based Bitcoin startup, has announced the launch of its merchant point-of-sale mobile app, called “Unocoin PoS” for both Android and iOS devices, which will make it easier for physical stores in India to accept bitcoin for products and services.
Founded in 2013, Unocoin became the first Indian Bitcoin start-up to be funded internationally in August 2014 with an investment of US$250,000 from Barry Silbert, founder and CEO of Digital Currency Group.
“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. While the company’s vision is to bring bitcoin to billions, it is now aiming to make physical stores and merchants in India easier to accept bitcoin. This is presently unmarked territory in India”, the company said.
Unocoin claims that early users are calling the recently released mobile merchant application as the “world’s simplest Bitcoin PoS app”, adding that it is going to make payments much easier and smarter.
Using the app, Indian merchants can start accepting digital currency bitcoin from their customers. For this, merchants need to sign up with Unocoin and get their account verified. Once complete, they need to install the Unocoin PoS mobile app and scan the QR code on Unocoin’s website to pair the mobile app to the merchant account. Following this process, the merchants are ready to accept bitcoin from their customers.
Unocoin further explains:
“When a customer is willing to pay the 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 merchant may accept bitcoin directly into their app or share the payment instructions over email (or social media) to get paid if the customer is not physically present in the same location. The merchant will have an option to either keep the payment in bitcoin or to have it converted into INR [Indian curreny] and have the money sent to their bank account in the same business day.
“This enables cheaper, faster and reliable payments through a product that is designed for both merchants and users in mind. This truly is the new way to pay or get paid.”
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