I-Pmart is yet another internet-business giant that has joined the bitcoin network. The Malaysian online retailer for mobile phones and electronic equipment incorporated bitcoin into its list of acceptable payment methods.
Chief executive and owner Mart Tang also announced the firm will keep the bitcoins it receives in payment and track price rise. The retailer won’t be converting the bitcoins it holds into local fiat currency yet, UK Bitcoin Guide reported.
While i-Pmart is based in Malaysia, it exports its products into global markets including China and the US. The bitcoin payment feature was first launched in the Malaysian platform only, although international buyers may still use that version.
All other i-Pmart e-commerce sites internationally will introduce the virtual currency in about 20 days from today, as soon as systems integration is finalized.
Tang said he became interested in the digital currency following his occupation as an IT entrepreneur. He kept scanning the internet for the latest information on technology and gadgets.
After gathering as much information as possible on bitcoin and other cryptocurrencies, Tang started to hear news of merchants in other countries who had embraced bitcoin. He started looking into how he could mine the virtual currency himself.
“That’s how I have started to think if I have customers who want to use bitcoin to purchase my products online which gives convenience of various types of payment choice especially those who do not prefer to pay using their credit card, cash or other mode of payment,” Tang is quoted by Coindesk as saying.
He discussed with his web development engineers about the possibility of adding bitcoin as a payment method in his e-commerce site.
Tang said he can’t wait for a “new world of virtual payment choice.” He said he was holding the bitcoins because he believed the rates would soar soon.
To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Deepak Tiwari at email@example.com