In an announcement the UK-based altcoin exchange LazyCoins says that it is relaunching its online exchange. At the occasion it also promises to launch a mobile app for payments and merchant services. With the move the company aims to expand the services to include mobile payments and merchant services.
The statement from LazyCoins says that it will be moving into direct competition with industry leaders BitPay and CoinBase’s own merchant apps. Also, the company says that it is entering the fight to provide merchant services in the digital currency world which according to it was one of the growing trends at the end of 2014.
Thus, LazyCoins is going to give competition to BitPay which is launching new apps to attract physical retailers to Bitcoin. Nonetheless, as the attraction of low-to-zero processing fees is a great sales pitch to almost any physical merchant used to the 2-3.5% typical fees of card processing technologies a lot of companies trying to embrace Bitcoin.
Ultimately it is the customers who are going to benefit from Bitcoin as they will have to pay almost nothing in processing; however, whether they are ready and willing to use cryptocurrency technology is yet to be seen. A large number of companies and not for profit organizations are now willing to embrace Bitcoin to reduce processing charges.
Plenty of Scope Available for LazyCoins
In fact, several American retailers made headlines in 2014 by rejecting payments from Apple Pay because of the continued cost burden of card processing fees it placed upon them. LazyPay is trying to explore the same space and for that it promises to “not charge any fees for merchants”, which compares well with CoinBase’s 0% below US$ 1million, or BitPay’s basic free merchant service for their BitPay Checkout App.
Nonetheless, the organization is willing to explore the scope available and give tough competition to the existing players. These low fees according to it could be enough to drive merchant uptake, although this hinges upon the consumer wallet side of the app being convenient enough for consumers to drive demand for its acceptance as well.
LazyCoins founder Danial Daychopan says that his company itself was actually announced to the public some time last year, but it launched beta in July. He says that his company didn’t send out a press release because it wanted to learn about its software and get things right by taking the time.
To contact the reporter of this story: Deepak Tiwari at email@example.com