Dragonpay continuously strives to provide convenience to its clients by adding Bitcoins as its latest payment channel offering. Merchants of Dragonpay has the option of offering the said digital money to accept payments. Presently, two merchants of Dragonpay namely PinoyTravel and e-Pass online enabled using Bitcoins in purchasing for their services.
Bitcoin is a digital, decentralized currency. It is money stored in computers or mobile wallets and transacted online with very low processing fees. Additionally, payments are recorded in a public ledger. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.
BuyBitCoin.ph and Coins.ph are two local companies actively promoting the use of Bitcoins in the Philippines. They have made buying, selling and receiving of Bitcoins available to Filipinos. Through their partnership with Dragonpay, their users can buy or sell Bitcoins in a more convenient way. The process is expected to be hassle-free through Dragonpay’s supported online banking payment and other over-the-counter cash payments.
Bitcoin enables consumers who don’t have bank accounts or credit cards to purchase items or services online minus the long lines in the bank or payment centers. Bitcoin allows merchants to save on remittance charges and other processing fees. It also empowers Overseas Filipino Workers (OFW’s) to pay for products or services from abroad instead of having to send money home first.
The acceptance of the Philippine market in this latest development in the E-Commerce industry is still limited to tech-savvy people. It is quite challenging to introduce a new technology such as Bitcoin in the Philippines because Filipinos are more comfortable paying and transacting using cash. This is made true for example by mall-goers. Even though there are plenty of e-commerce sites to purchase from, people would still opt to visit the nearest mall for their purchases. This is because Filipinos are used to getting the item or service right after paying for it.
With more than a 100 million total population in the country, only 5% have credit cards and 20% have bank accounts. This would imply that even though a certain consumer browsed a merchant’s website, when they are one of those people who don’t have a bank account or credit card, their web visits will not be converted to sales.
Despite these challenges, BuyBitCoin.ph and Coins.ph remains positive that Bitcoin will be able to penetrate a larger market in the country. This will not be an overnight process but one that would require education and building of trust.
Dragonpay provides innovative payment solutions to help merchants accept or disburse payments online. We focus on alternative payment channels such as banks, mobile payments, ATM's, and brick-and-mortar payment centers. By doing so, we provide our merchants convenience, better protection against fraud, and low transaction..Google+