Zebpay is a first-of-its-kind mobile application in the bitcoin world where people can transact currency across different countries
Arguably the country’s first Bitcoin app, Zebpay aims at becoming the global Paytm powered by bitcoin, according to Saurabh Agarwal, CEO of Ahmedabad-based Zebpay. The app, which acts like an e-wallet has features such as ‘magic moments’, which enables sending bitcoin to friends using mobile numbers, allowing purchase through the app, and offering discounts on e-vouchers too.
Zebpay was initially targeted at bitcoin enthusiasts around the world, who understand the benefits of bitcoin over traditional forms of payment systems. But unless you know how to use a bitcoin, it is difficult to transact using this virtual currency. “However, with Zebpay, one can enjoy the benefits of the bitcoin without worrying about the complexities of it. Zebpay also eliminates the intricacies of using the bitcoin, as the users need not understand the complex bitcoin addresses, have wallet backups or be apprehensive about losing their bitcoins. You can send and receive them by simply using mobile numbers just like WhatsApp,” explains Agarwal.
The idea of the Zebpay app was conceived when the founders of the company allied to re-launch a suspended bitcoin trading site BuySellBitco.in at a larger scale. While the startup was incorporated in 2014, Zebpay launched its android and iOS-based app for transacting bitcoins recently. Though there are several e-wallet providers in the market, Agarwal feels Zebpay has great potential and is rapidly catching attention of Indian internet users simply because it allows people to buy and sell bitcoins in India. Users can buy Amazon, Flipkart, Pizzahut, Café Coffee day, and Starbucks vouchers through the app using bitcoins. Mobile airtime, and direct-to-home facilities are also provided.
“Users will be able to buy and sell bitcoins using their local currency from the app. They can also transfer money from the app to a friend living abroad without worrying about the currency exchange. It is aimed at getting bitcoins into everybody’s daily life,” he says.
Zebpay also helps merchants a great deal with a premium account and various services. A certain percentage is charged against each transaction on the app, which is how the startup intends to generate its own revenue. The app records over 700 transactions a day in over 90 countries such as the USA, Indonesia, Philippines and the UAE. “For first-time users, I suggest they start with smaller amount to get familiar with how the app works and understand about bitcoins before they start using it,” he says.
— Nandini Kumar