{"id":27313,"date":"2015-08-06T00:00:00","date_gmt":"2015-08-05T12:00:00","guid":{"rendered":"https:\/\/bravenewcoin.com\/insights\/codapay-brings-bitcoin-payment-processing-to-southeast-asian-merchants\/"},"modified":"2023-11-28T23:50:38","modified_gmt":"2023-11-28T10:50:38","slug":"codapay-brings-bitcoin-payment-processing-to-southeast-asian-merchants","status":"publish","type":"post","link":"https:\/\/bravenewcoin.com\/insights\/codapay-brings-bitcoin-payment-processing-to-southeast-asian-merchants","title":{"rendered":"CodaPay brings Bitcoin Payment Processing to Southeast Asian Merchants"},"content":{"rendered":"

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CodaPay, which names Japanese e-commerce giant Rakuten, Golden Gate Ventures and a Skype Co-Founder Toivo Annus as investors, offers a digital payment product designed for the Southeast Asia\u2019s unbanked population. The company works with a number of big online companies in the region, including Baidu and Huawei.<\/p>\n

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\u201cOur mission at Coda is to support any payment channel that will help our merchants monetize better in Southeast Asia. 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.\u201d
\n— – Neil Davidson, CodaPay CEO<\/p>\n<\/blockquote>\n

Bitcoin\u2019s use a retail payment option was one of its early selling points. After a large spike in activity during 2013, and a number a multi-billion dollar companies signing on, it has largely fallen by the wayside.<\/p>\n

Bitpay, one of the main pioneers of bitcoin retail payments, recently admitted this in an interview with Business Insider<\/a>, customers aren\u2019t taking to digital currency as they hoped. \u201cIt’s going to take some time,\u201d commented BitPay’s co-founder and CEO Stephen Pair. \u201cIn the industry there\u2019s a realisation that yes it\u2019s an incredible technology but it\u2019s going to take a while for it to mature."<\/p>\n

"We keep adding merchants \u2014 we’re up to over 60,000 now \u2014 but they’re selling to the same pool of Bitcoin early adopters,\u201d he added, noting that the startup is now looking into how its bitcoin payment technology could be used by banks.<\/p>\n

A recent post by BitPay<\/a> revealed the number of merchant sign ups, and transaction growth for the first two years. While not particularly spectacular, the figures show solid growth in all regions. Asia saw minimal growth, where BitPay has limited operations, while Europe and North America were responsible for the vast majority of bitcoin transactions and new merchants.<\/p>\n

Latin America really shined, with 510% growth in BitPay\u2019s second quarter. The result was in part due to the company enabling the first Latin American airline to accept bitcoin.<\/p>\n

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\u201cThis past year we have observed bitcoin adoption take off despite the bitcoin price taking a downward turn. […] As time goes on, we anticipate seeing slow and steady growth in this region as merchants start considering using bitcoin to solve more complex business problems. Overall, these statistics are quite encouraging and will surely provide momentum to finish out the 2015 calendar year.\u201d
\n— – Bitpay<\/p>\n<\/blockquote>\n

Luno (formerly BitX), who is focused on bringing bitcoin to the developing world and already operates a number of exchanges in African and Asian countries, believes the same growth could be seen in Asia if properly pursued. Until recently, bitcoin payments have been largely unexplored in Asia, despite significant interest in bitcoin trading in countries like China and Singapore.<\/p>\n

\u201cWe\u2019re seeing tremendous growth in bitcoin activity in Southeast Asia and we believe that bitcoin will play a significant role in enabling fast, cheap and safe online transacting for large segments of the population that were previously excluded from this market,\u201d added Marcus Swanepoel, CEO of Luno. \u201cWe are particularly pleased to partner with Coda given their deep local knowledge and presence across multiple markets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Cardless payments startup, CodaPay, has partnered global bitcoin firm Luno (formerly BitX), to become the first major company to offer merchants bitcoin processing for merchants in Southeast Asia.<\/p>\n","protected":false},"author":1050,"featured_media":27314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[182,132,449],"_links":{"self":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts\/27313"}],"collection":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/users\/1050"}],"replies":[{"embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/comments?post=27313"}],"version-history":[{"count":1,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts\/27313\/revisions"}],"predecessor-version":[{"id":41265,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/posts\/27313\/revisions\/41265"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/media\/27314"}],"wp:attachment":[{"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/media?parent=27313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/categories?post=27313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bravenewcoin.com\/wp-json\/wp\/v2\/tags?post=27313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}