Aeternity Hub Africa is launching BitPal, a payment processing platform that will enable merchants to accept cryptocurrencies for the sale of goods and services at their stores.
BitPal is a service that will enable online plus brick and mortar stores to incorporate cryptocurrencies as an alternative means of payment, by customers. The service is open to small, medium and large enterprises. Kenyan blockchain startup, Aeternity Hub Africa is behind this payment processing platform that is launching on 20th June, 2019.
The service is presently supporting five major cryptocurrencies, namely; Bitcoin, Aeternity, Etherium, EOS & Dash with additional coins to be added over time.
Aeternity Hub’s Chief Operations Officer, Frank Deya revealed that the need for this kind of service was informed by two realizations. One is the momentum towards a cashless economy. Second is that, “most people are online today, but most of the money is not.” Mr. Deya believes that BitPal is a bridge for the gap.
Enterprises that incorporate the variety of digital payment options, out there, can be said to be widening their market reach. BitPal will take this process a notch higher, Frank Deya explained, since it has integrated cryptocurrencies of different types in its payment platform. Merchants would therefore be able to sell to customers paying in the selection of cryptocurrencies accepted through the BitPal platform. He further revealed that some of the companies they are presently onboarding include: a leading ride hailing service available in 4 African countries, a real estate company, an events ticketing platform and an e-commerce start-up.
The entire process is simple, fast and secure. BitPal also has no transaction charges whatsoever. First, the customer will choose to pay from the selection of cryptocurrencies acceptable such as Bitcoin and Etherium. An invoice will be automatically generated, following this, at a fixed exchange rate. When the payment is settled, BitPal will immediately exchange the cryptocurrency into a fiat currency chosen by the Merchant. And this settlement will be reflected in the Merchant’s bank account in the fiat currency of choice.
BitPal is a ready-to-use platform. It takes away, from the Merchant, the headache of setting up a wallet. There is the API gateway that provides an automation for accepting cryptocurrency payments. Plus, the Point-of-Sale is accessed from any internet enabled device through a web browser.