Sapna Infoway Private Limited, a technology company that owns an electronic bookstore, is now the first in India to accept Bitcoin as a method of payment. The Bangalore-based company was established 50 years ago, and it is reputably known in the country as the first to run a bookstore on an electronic platform.
Bitcoin as a Method of Payment on Sapna Online Store
Sapna’s online platform was developed 17 years ago, and you can buy books ranging from educational ones to fictional stories. On accessing the platform, Bitcoin can be used as well as payment methods such as Credit Card, PayU Money, and Cash on Delivery. Since these books can be shipped to other countries, a wide range of payment options makes it convenient for international buyers.
The tech company has revealed that its e-commerce website has recorded about 1 million registered users. In the same vein, it gets around 500,000 daily visitors around the world. Accordingly, a user of the platform is allotted 30 minutes to complete their transaction once the Bitcoin payment option is selected.
Store Processes Bitcoin Payments Despite Government Regulations
India like some countries does not have crypto-friendly laws due to the regulations of the government. For instance, Banks have been restricted from rendering services to crypto-related companies. As a consequence, this is not an environment where the trading of virtual currencies can thrive easily.
Till date, some private organizations are skeptical about accepting cryptocurrency as a payment option. Nevertheless, investors are the ones trading these virtual assets, and Sapna is among the first in the country to do the same. That being so, crypto enthusiasts have one more area they can take advantage of the value stored in their wallet.
Online Stores Around the World Accepting Bitcoin For Payments
While Sapna’s move is remarkable, other online stores around the world have adopted Bitcoin as a method of payment. In an earlier report, a Zimbabwean owned store is also processing payments with the digital asset. Users of the platform can order food items like Wheat, Rice, Sugar, Macaroni, and oil.
Glance, a mobile payment company, based in Canada is now allowing users of its platform to make payments with Bitcoin. According to Glance, these merchants were sometimes unwilling to accept Bitcoin. This is because it could take a long time for transfers to be completed in comparison to fiat money. To resolve this, the company converts Bitcoin to its in-store credit which users can spend.