Zebpay Announces New Features on Its Android App

The leading Indian mobile bitcoin platform, Zebpay has today introduced a set of new features on its mobile application. Currently available only on Android platform, the new features allow users to set future buy and sell orders on the application.

Zebpay is the first Indian mobile only bitcoin platform available on Android and iOS platforms. So, far the feature rich platform has been offering its bitcoin wallet service along with an option to pay their postpaid mobile phone bills, recharge prepaid phone credits, exchange bitcoin for INR and vice versa. Zebpay also allows its users to buy prepaid gift cards for leading e-commerce, event ticketing and food platforms in the country with bitcoin.

According to the company’s press release, Zebpay has registered tremendous growth in the past 6 months. With over 25000 installs and crossing INR 20 crores turnover. With the new set of features, the company intends to attract the most serious users who are in tested in trading by leveraging upon the volatility of bitcoin prices. These new features allow Zebpay users to do the following:

Users can now choose to maintain their fiat balance alongside bitcoin balance in their Zebpay accounts. These balances can be used directly to buy or sell bitcoin instantly. The future trade option allows users set bid and ask prices of their choice. These orders will be executed once a matching offer is found. The future trade option allows users to decide the value they wish to get out of their bitcoin and fiat assets. Users will now be able to access blockchain transaction ids of their bitcoin transactions. This will help users track the status of their transactions. Earlier, it was not possible to access the transaction id on Zebpay, leading to people enquiring about their transaction status by calling the customer care.

Zebpay has come a long way since its inception. We believe that the company has few more surprises in the works which will be revealed soon.

Subscribe to our newsletter

India is going digital. Be it the recently launched Digital India campaign where the government of India wants to establish a digital locker for individuals to store the digital documents or the internet connectivity initiative where the government intends to provide a minimum 2 Mbps internet connection to all households. As part of the same initiative, the government has also pushed for increased adoption of digital payments by introducing few reforms in the recent days.

Until now, electronic fiat payments attracted an additional surcharge. The surcharge would range anywhere from 1 percent to 2 percent of the transaction amount. The surcharge was one of the factors that was holding back people from making payments with their credit and debit cards at outlets while buying goods and services. In order to maximize profit by avoiding the surcharge, many small shops used to pass the cost on to the customer by including an additional surcharge to the final bill amount. At the same time, banks waiving off surcharge on card usage used to bear the cost upon themselves.

In the cabinet meeting held late last month, the Government has decided to withdraw all surcharge, service charge and convenience fees that were so far associated with electronic transactions. This move is part of the government’s initiative to reduce cash transactions in order to minimize the operating cost of Reserve bank of India and also to keep track of money flow. By ensuring accountability of transactions, the government will be able to track and penalize tax defaulters and money launderers.

According to the proposal, there will be a maximum cap for cash transactions and any purchases made above that value has to be paid with a card, mobile banking or cheques. It will also minimize the influx and circulation of counterfeit currency as the use of higher denomination banknotes will drastically reduce with the introduction of new electronic payment measures.

Ref: Business Standard

India is the second most populous country with a large mobile and internet user base. It is also one of the countries receiving the highest foreign remittance. On the other hand, India also has a considerable number of unbanked population. All these conditions are ideal for the implementation of bitcoin based financial services and products to meet the requirements.

However, in spite of having all the right conditions for bitcoin to thrive, India still falls behind when it comes to bitcoin adoption. The country with second largest population has just a handful of bitcoin businesses. Various attributes of bitcoin are compared with that of gold. The digital currency shares lots of similarities with the property of gold and it is also known as digital gold or gold 2.0 among the cryptocurrency circles.

Even though the country is known for its obsession with gold and jewelry, the digital version of the same – Bitcoin has not received the same interest in the subcontinent. This trend was also observed by the chairman of Bitcoin Foundation, Brock Pierce who was visiting India to participate in the SingularityU India Summit.

Brock Pierce went on to reiterate the advantages of bitcoin compared to other conventional services. He drove the point home by stating the example of money remittance services. It is known that money remittance services sometimes charge anywhere between 10-14 percent of the total funds transferred as transaction fees and it may vary depending upon the region from which the funds are sent. Bitcoin, due to its low transaction fees, can be an attractive alternative for people. They can save a lot on transaction fees when they use bitcoin for remittance than conventional fund transfer methods.

On the other hand, the Indian bitcoin community, as well as the central bank, are being proactive on the topic of digital currency. Indian bitcoin companies have already received international recognition and they are working within the prescribed framework applicable for money transfer and payments business, even though there are no specific regulations in this regard yet. Even the Reserve Bank of India has called for ideas and products involving blockchain technology for anti-counterfeiting and fraud prevention measures.

Ref: ET

The century old tech firm, IBM has been at the forefront of almost all the technological revolutions to date. The company doesn’t want that to change now. After realizing the potential of bitcoin and its underlying blockchain technology, the company forayed into crypto-tech and it has been working with governments and other institutions in this regard.

Recently, IBM has decided to make use of its tech expertise to create blockchain based solutions for the financial sector. Blockchain offers a time and cost efficient method to conduct financial transactions.

According to recent reports, the company is considering the usage of blockchain technology for user authentication purpose as one of the applications. IBM recently expressed its interest to work with Hyperledger, a collaborative effort of various tech and bitcoin companies in association with Linux Foundation. IBM will be making the codes for its blockchain application available for the Hyperledger program.

Once the codes are made available on Linux platform as an open source project, developers will be able to build upon those projects to create applications specific to various use cases. Banks and financial institutions across the world are already invested in developing blockchain based applications for their operations. However, none of the Indian banks have so far publicly ventured into these domains.

The Reserve Bank of India had earlier acknowledged the importance of blockchain technology and how it can be used to combating the influx and use of counterfeit financial instruments. The Reserve Bank of India has also recently announced a competition, where it calls for individuals and teams to work on developing blockchain based fintech solutions. The winners of this competition will be awarded prizes.

It is a great time for entrepreneurs, startups, independent developers and existing Indian bitcoin companies to work on developing blockchain based solution for the Indian banking and fintech sector.

The fiat currency and payment systems are increasingly going the Bitcoin way. The digital currency revolution started by Bitcoin has encroached upon the conventional fintech industry which is increasingly trying to copy various features which were so far unique to bitcoin and other cryptocurrencies. The benefits of bitcoin over fiat currency is a well-documented list of facts. The feature-rich digital currency protocol enables people to transfer funds in a more cost and time efficient fashion.

Bitcoin enables people to transfer funds to any part of the world in less than an hour without having to go through a lot of paperwork. Also, the transaction fees (miner fee) charged by Bitcoin network to execute these transactions is also negligible. Making payments with bitcoin on both online marketplaces and real brick and mortar stores is a walk in the park. In order to make a payment, one has to just enter the bitcoin wallet address or scan the QR code of the wallet and authorize the transaction of the fiat equivalent in bitcoin. The transaction will generally be executed within minutes. The simplicity involved in bitcoin transactions makes it ideal for electronic transactions.

The conventional payment systems are trying to introduce similar features into their offering to make the whole payment process easier. Visa has already introduced its mVisa mobile payment solution that allows people to connect their bank accounts and cards to mVisa application on their phone. In order to make payments, they just have to enter the mVisa merchant account number or scan a QR code containing the required information and authorize the payment.

India has the second highest population in the world and a huge mobile phone user base. Mobile-based payments are picking up in the nation. Latest reports state that mobile wallet based fund transfers are growing at a much faster pace than other payment modes, including mobile banking. These conditions present ideal conditions for bitcoin-based monetary applications in the country.

There has been some progress in Indian bitcoin sector. There are a handful of companies catering to the country’s bitcoin market and we can expect more players to emerge in the near future.

NewsBTC, the well-known bitcoin news and resource website is proud to announce the launch of the Indian edition of its publication. The new edition is part of the NewsBTC Global Franchise Program.

The Indian edition of NewsBTC will be committed to reporting the latest news from Bitcoin and cryptocurrency sector across the world, targeted more towards the Indian audience. The Indian edition will now be available in two versions, NewsBTC India in English and NewsBTC Bharat in Hindi.

India is one of the emerging superpowers. The country’s economy is growing at a rapid pace. As the country continues to make a mark in various sectors across the world, cryptocurrency is still in its nascent stages. However, given the nature of commitment shown by a handful of Bitcoin companies in the country, the sector holds a lot of promise and future potential.

We are committed to bringing the latest news, reviews, events and more to the global Bitcoin community. The franchises are created in order to increase our reach so that everyone, irrespective of language or geographical location may understand and access information about the latest happenings in the sector. We look forward to having a great relationship with our audience and hope to build more along the way.