BitX, a bitcoin services provider, has recently collaborated with Codapay, an alternative payments gateway provider based out of Singapore, in order to facilitate bitcoin payments for all of its merchants.
BitX primarily focuses on providing its services in the African and East Asian markets as they have significant unbanked population , thereby offering scope to bitcoin as a preferred choice for transmitting money.
"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", said Codapay Neil Davidson.
The wallet provider also pointed out the underdeveloped payments network in the region even though the economy has registered rapid growth.
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."
