BitX Partners with Codapay to Enable Bitcoin Payments in Southeast Asia

Bitcoin services provider BitX has partnered with Codapay, a Singapore-based alternative Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term gateway provider, to enable bitcoin payments for all of its merchants.

BitX, not to be confused with Bit-X Financial, offers a bitcoin wallet, exchange and merchant integration service. It is focusing on servicing the African and East Asian markets, with offerings in Indonesia, Kenya, Malaysia, Nigeria and South Africa. These regions contain sizeable pockets of unbanked populations, making bitcoin a potential candidate of choice for transmitting money.

The startup received $4 million in a Series A round led by the payments subsidiary of South Africa’s Naspers Group, PayU, a few weeks ago.

Codapay Neil Davidson commented, “Given the low penetration of debit and credit cards in the region, we think Bitcoin holds great promise as a way for customers to transact online."

During Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term's recent trade mission to the region, the wallet provider also noted the underdeveloped payments network, despite a rapidly growing economy.

BitX wrote on its blog, “Southeast Asia has some tremendous opportunities in the payments space: a very high percentage of smartphone users with huge growth in e-commerce, paired with a very low percentage of cardholders. This makes bitcoin a particularly attractive payment method, especially since the merchants enjoy zero risk from chargeback and fraud.”