Claiming to provide customers accept payments in Bitcoin from anywhere in the world; and receive settlements in their local currency to your bank account, YellowPay has always been innovative. Now, the company announces that it has brought in Bitcoin voucher service for customers to make things easier for them.
Nonetheless, this Jordan-based Bitcoin startup’s decision to launch a Bitcoin voucher service in Egypt, the fourth largest economy in the Middle East is expected to bring a lot of changes in the local Bitcoin community. With the service people in Egypt will get a new way to buy Bitcoin, a difficult thing to do in the country.
Nonetheless, the company says that the Bitcoin vouchers are an attempt to increase the digital currency’s liquidity in the Middle East and North Africa (MENA) region. Additionally, it is being believed that YellowPay already operates a Bitcoin merchant payment processing service in Jordan, Lebanon and Dubai, the new name is Egypt in the list.
According to a company statement it sees Bitcoin as an opportunity to provide easy online payments in a region that is lacking financial infrastructure. However, at the same time it makes it clear that for that to happen, people must first have Bitcoin to pay with. Additionally, despite the region’s incredible e-commerce growth, growing 45 percent in 2012.
Though there are a lot of pains in online transactions and payments, most online transactions are still settled in cash, as merchant adoption of online payments is low. However, the local online payment providers are difficult to work within the region and provide clunky user experiences.
Bitcoin has Huge Potential for the Region
Elaborating the point a source from the company says that it sees Bitcoin as a quick and easy way to overcome the region’s financial hurdles. Nonetheless, the potential for the digital currency to help the region is still very speculative; however, there is huge space for the same and in such a situation every Bitcoin company wants to explore it further.
The region organizes several Bitcoin events regularly; this is a remarkable change when compared with 2013 when it had no Bitcoin startups, conferences, accepting merchants or any real activity. However, a lot of things have changed after that as last year saw two Bitcoin conferences held in the region, it also saw the first Arab Bitcoin startups founded.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org