Payments for buying and selling of pre-owned cars will now be enabled through Bitcoins for the first time in India. Truebil, an omni-channel platform has partnered with crypto assets wallet, Unocoin. Automobile transactions can now be carried out in the world’s largest crypto asset, Bitcoin. Truebil will be accepting Bitcoin payments at their brick & mortar stores using Unocoin’s PoS application. While accepting Bitcoins for making used-car purchases is not new in the West and the Far East, Truebil is the first organised auto player in the Indian used car industry to accept payments in this form.
Truebil will realise the amount of 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.
“With more and more people accepting crypto assets as the alternate payment method it is important for businesses also to catch up with this growing asset class. This would help the transition from speculative investments to real-world applications and stable crypto asset market. There is an indisputable digital asset revolution happening across the world and we simply cannot ignore it,” Shubh Bansal, Co-founder; Marketing Head, Truebil, said.
“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. Moreover, by accepting Bitcoin as payment, we will be able to reap the benefits of lower transaction fees with no chargebacks chances of fraud and quick payment. One can easily convert the Bitcoins received into Indian rupees. 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.”
