Leading omni-channel platform for buying and selling pre-owned cars Truebil and largest crypto asset, Bitcoin on Tuesday announced its partnership to usher in this metamorphosis in the way Indians look at crypto asset.
Truebil will be accepting bitcoin payments at their brick and mortar stores using Unocoin's PoS application. This coming together of two category giants will mark a paradigm shift in the way the world's first decentralized digital asset is perceived in India and will further enhance its relevance and acceptance in the country.
While accepting Bitcoins for making used-car purchases is not new in the West and the Far East, Truebil is the first organized auto player in the Indian used car industry to accept payments in this form. All the buyer needs to do is select the Bitcoin option at checkout.
Truebil will realize the amount for the purchased car in INR within the next business day from Unocoin. To handle the volatility Truebil will be providing the customer 30 minutes window for making btc payment at merchant's PoS/ portal facility is provided by Unocoin. This will be same for every merchant who accepts bitcoin payment through Unocoin's payment gateway.
"There is an indisputable digital asset revolution happening across the world and we simply cannot ignore it. With more and more businesses accepting crypto asset as an alternate payment method, it is important for Indian tech-driven companies such as ours to stay dynamic and catch up with this growing asset class," said co-founder and marketing head, Truebil, Shubh Bansal.
"Additionally, there will be no change in the pricing strategy for any product and the car buyers will still pay the same amount for a given car," added Bansal.
"Truebil can be called a truly visionary business by becoming the first player in its domain to accept Bitcoins as payment. As more and more companies begin to accept Bitcoins for transactions, the crypto asset will able to transition seamlessly from being a speculative investment to one that enjoys real-world applications, further stabilizing the crypto asset market," said VP - Sales and Business Alliances, Unocoin, Naveen C T.
The crypto asset market was valued at USD 541.0 Million in 2017 and is expected to reach USD 2902.0 Million by 2023, at a CAGR of 32.31 percent between 2017 and 2023. Bitcoin has been the topic of much conversation globally and in India.
As it continues to grow in value and adoption, it is quickly becoming an accepted medium for big-ticket transactions across markets and products with businesses such as Truebil leading this unconventional in India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)