Global online payment processor Payza has announced it is now offering customers in 190 countries the ability to buy bitcoin via bank transfer.
In its formal remarks, Payza hinted that the bitcoin buying option will allow it to pursue larger goals in the bitcoin and digital currency space, stating:
— Payza News (@Payzaofficial) August 11, 2014
Speaking to CoinDesk, Shrem elaborated on Payza's goals, suggesting that the company's biggest opportunities may be in catering to bitcoin's merchant space.
He explained that, unlike popular alternatives such as BitPay and Coinbase, Payza could become a one-stop solution for new merchants that want to capitalize on bitcoin but offer multiple payment methods.
"[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," he said.
Shrem indicated that Payza does not charge users to deposit funds into their accounts, but that a 2% charge for users who buy bitcoin via the platform applies. Buyers lock in the price of bitcoin upon purchase, however, the withdrawal process can be expected to take up to three days.
Given that users are not charged to send funds through Payza, Shrem also remarked that the offering could position the company to become a player in the remittance space, adding:
Refining the product
As for why the product took some time to reach market, Shrem attributed the somewhat lengthy process to Payza's desire to ensure its first offering was ready for bitcoin consumers.
Shrem pointed out that Payza decided on five phases for the rollout, and that in addition to the development work, phases included training customer service and securing support from banking partners.
He said many of these considerations were the product of Payza's near-decade of experience in the payment industry, working with both regulators and its banking partners.
Creating an account
Larger goals aside, Payza has also given consumers a first look at how its new offering will look, and what it will require from bitcoin buyers.
To create an account, users first select the country in which they reside before then electing to open a personal or business account.
Both accounts allow users to collect payments, exchange currencies and make payments via the platform.
Users then provide their first and last name, email address and create a password before validating their email.
To transact, Payza users need to then complete their profile with the service, providing information such as their job title, industry of work and Social Security number.
Then, users input their address, phone number and create security questions to ensure the safety of their account.
Called the 'Withdraw Funds by Bitcoin' feature, Payza boasts that verified users can buy bitcoin in three steps: withdrawing funds, verifying the currency and confirming the transaction.
To start this process, users click on the 'Withdraw Funds' button on the top corner of their account screen. Next they select 'Bitcoin' from a list of available options that includes bank transfer, bank wire and credit card.
Finally, Payza customers enter the amount of funds they want to withdraw. Users must withdraw a minimum of $20 to complete their order.
Business man image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.