Blockchain company Cashaa announced that it had added Mastercard and Visa credit and debit cards to facilitate purchase of cryptocurrencies in India. This is some great news for Indians, who are currently confused about the future of cryptocurrency trading in India.
The functionality will allow Indian cryptocurrency buyers to purchase, bitcoin, ethereum and CAS (Cashaa). Commenting on the development, Kumar Gaurav, the Chief Executive Officer (CEO) of Cashaa said, “This functionality was constantly being asked by our existing personal users from more than 109 countries. There is no major wallet like Blockchain.info or Bitgo that are offering this service, while the ones who are offering it, are charging higher markup fees on Bitcoin. Enabling this feature will allow our wallet users to buy crypto as an e-commerce experience without paying high fees within their multi-sig wallet. There will be no hidden or markup fees on Bitcoin price.”
A press release from the company stated, “Enabling this feature will allow you to buy crypto as an e-commerce experience without paying high fees, within your Cashaa multi-sig wallet. There will be no hidden or markup fees on Bitcoin price. Cashaa’s card processing fee will be 5%. Cashaa will also charge a service fee of upto 1.49%.
Aside from having now for the first time such a convenient way to get crypto in India, users also get cheaper and transparent pricing compared to global industry averages and can enjoy high limits up to 10,000 Euros (784.318 INR) for card payments.”
Cashaa currently has fiat wallets denominated in GBP and EURO, for personal users, which users can fund in more than 200 currencies (ex. PHP, INR, SGD, SEK, EURO, GBP) around the world.
In order to make the process of working with banks easier, the company is working on an API and plugin solution for exchanges and other wallets who are banking with them, to enable them the feature to sell crypto via debit or credit card to pass them the advantage of their cheaper fees.
Earlier, this month, the company announced they were all set to support businesses irrespective of whether the companies had functional bank accounts or not.
At the time it had said, “Cashaa started as a community project to bank the unbanked, and every day is committed to doing that. They have now updated their business accounts which are designed to serve SMEs and startups who are working hard and need a banking infrastructure to grow their business. Starting from 0 Pounds, your business can now start using a Cashaa account to accept fiat and crypto payments.”
We reached out to Cashaa regarding how this would be possible in light of the banking bank imposed by RBI. We’ll update the story when they respond.
Liked what you read? Join us on Telegram